Definitions for "Medical Savings Account"
A type of private Medicare plan that may be offered as an option for people with Medicare. With an MSA, you buy a high-deductible insurance policy and open a savings account where Medicare will deposit money to help you pay for medical bills. This plan is not yet available anywhere in the country.
A trust or custodial account created or organized exclusively for the purpose of paying the qualified medical expenses of a high deductible health plan of the account holder. Eligible individuals or small employers can establish MSAs with qualified trustees or custodians. Contributions to MSAs are deductible, within limits, as an adjustment to income.
A savings account funded by employees through pre-tax contributions; can be used to pay for copayments, deductibles or medical expenses not covered by a health insurance benefit plan.
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