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 can rest assured, knowing you're prepared when the need arises.

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.

  • Savings account designated to saving for future medical expenses
  • No setup or annual fees
  • 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 online transfer, or teller check
  • Does NOT require enrollment in HDHP
  • No minimum balance to open 
*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.
Qualifications & Contribution Limits

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.

Apply for an Idaho Medical Savings Account