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MSA Enables Savings on Health Care Expenses

MSA Enables Savings on Health Care Expenses

Cutting down health care expenses is the primary concern of small businessmen and self-employed individuals. Although the government has introduced some cost cutting provisions on health insurance plans but that has not been fruitful for these employers.

Therefore for making savings, many self-employed businessmen and employers remain uninsured. But it's not an ideal solution to save money.

During this time, a MSA (Medical Savings Account) can prove to be a cost-effective solution. MSAs were introduced in 1996 by the Congress and enables self-employed people to save money on medical bills.

MSA operates in jointly with an affordable, high deductible insurance plan to offer complete health insurance coverage to the policyholder. Those business owners who desire to save on health care can purchase a high deductible insurance policy and subscribe for a MSA, instead of investing in an expensive health plan that comes with lower deductibles and copayments.

The amount of money put in a MSA is completely exempted from taxes and is easily accessible by debit cards and checks to pay for most of the medical bills, even for those services that are not covered by regular health plans like dental treatment, vision checkup etc.

Eligibility for MSA

MSA's are available for

  • Self-employed individuals
  • Business owners having less than 50 employees working under them. The business owner must have already enrolled for a QHDHP (Qualified High Deductible Health Plan).
Premiums rates

With an MSA and a QHDHP, the rate of premiums generally varies between $1,700 and $2,550 for a single person. For families, the premiums rates are between $3,300 and $5,050.

Creating a MSA

To create a MSA, one needs to pay for a QHDHP and invest the remaining amount of money in a MSA. This can be done with a wide range of investment procedures like Mutual Funds, fixed accounts, shares and stocks etc. The insurance firm providing the health plan must comply with the terms and conditions of IRS (Internal Revenue Service). It must file the IRS returns with the self-employed policyholder to confirm the tax-exemption from MSA deposits.

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