Medical Savings Account
What is an Idaho Medical Savings Account?
An Idaho Medical Savings Account (MSA) allows you to pay for medical expenses like hospital bills, doctor visits, dental, vision, and even insurance premiums tax free!
What are the Benefits to having a Idaho MSA?
- Tax Deduction*
- Paying Insurance Premiums Pre-Tax
- Save or Spend the Funds - You Decide
- Mileage Deductions - Your mileage may be deductible for doctor appointments both to and from your appointment. If you need to stay overnight that may be deductible too!
Please consult your CPA or tax attorney for clarification on tax advantages of the Idaho MSA.
How Much can I contribute?
2017 contribution rate for a single tax filer is $10,000.00 and $20,000.00 for joint tax filers.
What can I do with the money?
You can either spend it now or you can choose to save it instead.
Spend it Now
- Deductible and Co-Pays
- Qualified Medical Expenses
- Health Insurance Premiums
Save it for Later to Plan for Future Health Costs
- The money you put into your Idaho MSA will grow year to year if you do not spend it. When you reach 59 1/2 you can withdraw the money to pay for any expenses without a penalty. It will be counted in your income if you withdraw for non-medical expenses, so please check with your tax advisor prior to making any early withdrawals.