Idaho Medical Savings Account (MSA)

• Savings account designated to saving for future medical expenses
• No setup or annual fees
• Contributions are tax deductible on your Idaho state income tax return¹
• Earns dividends on entire balance
• Dividends grow tax-free¹
• Withdrawals are tax free when used for qualified medical expenses²
• 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 deposit to open

¹Consult a tax advisor.

²Withdrawals 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.

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 $10,000 each calendar year to your Idaho MSA. If you are married and file a joint income tax return, you may contribute up to $20,000 per year. 

Reimbursements that are re-deposited into the MSA are not considered contributions to the MSA.