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Medical Savings Account

   Also found in: Dictionary/thesaurus, Acronyms, Encyclopedia, Wikipedia 0.01 sec.
Medical Savings Account (MSA)
An Archer MSA is a tax-exempt trust or custodial account that you set up with a U.S. financial institution (such as a bank or an insurance company) in which you can save money exclusively for future medical expenses. To patrticipate in an Archer MSA you must be either self-employed or an employee of an eligible small employer. MSA contributions are deductible, subject to limits, as an adjustment to income.


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He describes the current mechanisms available for meeting the older populations needs, including compulsory retirement savings, medical savings accounts, state medical insurance and charity, family support, monetizing personal assets, and laboring in old age.
Eligible accounts include traditional and Roth IRAs, health savings accounts, Archer medical savings accounts, Coverdell education savings accounts, and qualified tuition programs (529 plans).
DataPath also got a head start on medical savings accounts with its MSAToday software.
 
 
 
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