Savings accounts that have tax advantages combined with Health Insurance plans for the benefit of the employee. Both the employee and the employer are permitted to contribute to the MSA. The contributions can be directed to pay the deductible under the health insurance plan and/or the medical expenses not covered by the health insurance plan. Funds not spent are allowed to accumulate in the MSA on a continuous basis. When the employee reaches retirement age, the accumulated funds may be allocated to the employee's retirement income. The MSA differs from a Flexible Spending Account (FSA) in one very important respect: Under an MSA, funds not used for current health care expenses belong to the employee. Under an FSA, funds not under the current health care expenses belong to the employer.
Medical savings account
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Medical savings account (MSA) refers to an account in which tax-deferred deposits can be made for medical expenses.
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In Singapore
Medisave (Chinese: 保健储蓄) was introduced in April 1984 as a national medical savings system for Singaporeans. The system allows Singaporeans to put aside part of their income into a Medisave account to meet future personal or immediate family's hospitalization, day surgery and for certain outpatient expenses.
Under this system, Singaporean employees contributes 6-8% (depending on age group) of their monthly salaries to a personal Medisave account. The savings can be withdrawn to pay the hospital bills of the account holder and his or her immediate family members.
In China
In December 1994, China began a pilot study of medical savings accounts in the cities of Zhenjian and Jiujiang.[1]
China has planned to expand the program.[1]
In the United States
United States has two medical savings account programs:
See also
External links
- Medical Savings Accounts: Lessons Learned from Limited International Experience (2002) by World Health Organization
References
- ^ a b "Medical Savings Accounts: Lessons Learned from Limited International Experience". World Health Organization. 2002. http://www.who.int/entity/health_financing/documents/dp_e_02_3-med_savings_accounts.pdf.
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Mentioned in
- MSA (abbreviation)
- Health Savings Account (in banking)
- Taxpayer Relief Act of 1997 (finance term)
- Health Insurance (legal term)
