Medical Savings Accounts (MSAs)
This page features information on the following topics regarding Medical Savings Accounts (MSAs):
- Overview
- Benefits of an Archer MSA
- Qualifying for an Archer MSA
- Contributions to an MSA
- Qualified Medical Expenses
- Reporting Contributions to an MSA
- Distributions from an MSA
- Balance in an Archer MSA
- Employer Participation
- Medicare Advantage MSAs
An Archer MSA is a tax-exempt trust or
custodial account
that individuals can set up with a U.S. financial institution (such as a
bank or an insurance company) to save money exclusively for future
medical expenses. Archer MSAs were created to help self-employed
individuals and employees of certain small employers meet the medical
care costs of the account holder, the account holder's spouse, or the
account holder's dependent(s).
You cannot be treated as an eligible individual for Archer MSA purposes unless: