Idaho Medical Savings Account
Combine better health and great tax savings with an Idaho Medical Savings Account (MSA). By dedicating savings for future healthcare expenses, you'll know you'll have them when you need them.
In addition to earning dividends, you will realize multiple tax-saving benefits. The tax advantages of an Idaho MSA are available even if you do not have a high deductible health plan (HDHP), a requirement for a federal HSA.
- Summary
- No setup or annual fees
- No minimum balance to open
- Contributions are tax deductible on your Idaho state income tax return*
- Earns dividends on entire balance
- Dividends grow tax free
- Withdrawals are tax free when used for qualified medical expenses**
- Money rolls over year-to-year automatically
- Your Idaho MSA is owned by you, not employer;
- Easy withdrawal access by check, debit, online, teller
- Does NOT require enrollment in HDHP
Take a look at our current rates.
*Consult a tax advisor.
**Withdrawals for non-qualified medical expenses are subject to income tax and a 10% penalty. The 10% penalty is waived for persons 65 and over or who have become disabled.
- More Info
Qualified (tax-free) medical expenses include, but are not limited to, the following:
- Medical, vision, and dental expenses
- Health insurance premiums
- Supplemental Medicare premiums
- Long-term care expenses
- Transportation to and from medical appointments
- Medical expenses for a dependent child (in most cases)
Contribution Limits
You may contribute up to $2,000 each year to your Idaho MSA. If you are married and file a joint income tax return, you may contribute up to $4,000 per year.
Reimbursements that are re-deposited into the MSA are not considered contributions to the MSA.
