Medical Savings
DESCRIPTION

Available in Idaho only, a Medical Savings Account is a tax-deferred way in which money can be set aside to pay for routine out-of-pocket health care expenses and to build up savings for future medical costs. Check rates.

GENERAL OPTIONS
  • Contributions to an MSA are not deductible on Federal income tax returns
  • MSAs are individual or joint accounts with a designated beneficiary
  • If you are married and file a joint Idaho state income tax return, you may open a joint account
  • Any member with taxable income may open a Medical Savings Account
  • There are no minimum deposit requirements, setup charges or service fees
  • Dividends are paid based on the balance in the account
  • OPEN A NEW ACCOUNT

Will I lose the money if I don’t use it during the year?

No, the MSA account is designed for long term health cost planning and may continue to accumulate year after year.

Why should I open an Idaho MSA account?

Depositing into an MSA allows for state tax deductions of up to $2,000 individually or $4,000 jointly each year

When can I contribute to my MSA?

Contributions can be made at any time during the year for medical expenses already incurred.