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Investor's Business Daily. Simply Wall St. Motley Fool. We identify the similarities and the differences of each account in this article. Anyone who is enrolled in a high-deductible health plan HDHP may be eligible to contribute to a savings account that offers valuable tax breaks.
A small business that has averaged fewer than 50 employees over the past two calendar years is allowed to offer an MSA. There are important differences in the mechanics of an HSA versus an MSA, but the most important thing they have in common are the unparalleled tax breaks.
If the employer makes the contribution it is not reported as income to the employee. If the employee makes the contribution, it is made from pre-tax dollars. There is no tax on money while it remains in an MSA account, and when MSA funds are used to pay for a qualified expense, the withdrawal is tax-free. You can also use an HSA to pay for travel to and from your appointments, so save those receipts and log those miles.
If you do any of these things, you stand to lose the key benefit: tax-free withdrawal from the account. The HSA is only one half of a healthcare payment cocktail, the other being your insurance plan. To be an HDHP, a plan must cover only preventive services before a deductible. Any interest earned is non-taxable. These accounts are usually offered in tandem by the insurers, which underwrite the HDHPs. They can also be set up through banks, investment companies, and any other institutions licensed and insured to receive deposits.
Here are the four main highlights of the Medicare MSA:. The interesting part is that once you hit your deductible, the insurance plan covers all Medicare-approved charges. An HSA is a special savings account that can be used for qualified medical expenses, but you must have a high-deductible health plan HDHP to get one.
The bonus of an HDHP is that it has a lower monthly premium than other health insurance options. Then, the insurance plan starts helping out. As far as that HSA is concerned, the idea is that you put some money in there to help you with your out-of-pocket expenses. The big advantage to an HSA is that your contributions are made with pre-tax dollars — you usually contribute to an HSA through payroll deductions at your employer. You still have some risk — again, us Baby Boomers are used to that.
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