What is a Medical Savings Account (MSA)?
A Medical Savings Account (MSA)is a tax favored personal savings account which is used along with a high deductible health insurance policy. Individuals may contribute money to this account on a pre-tax basis in order to be able to accumulate money for qualified medical expenses and care. This accumulated money can be used to reimburse the insured for deductibles, copayments and other health care expenses not covered by the health insurance policy.
