Link to MamasHealth.com
MamasHealth.com Home
Insurance Information

Child Care Insurance
COBRA
Dealing with an HMO Dr.
Dealing with your HMO
Dental Insurance
Disability Insurance
EPO Insurance
Family & Medical Leave
Health Insurance

Health Savings Account
Help with Denied claims
HIPPA
HMO Plans
HMO Terms Explained
Hospital Indemnity
How Much Insurance
HRA
Insurance Terms
Life insurance for kids
Life insurance from your job
Long Term Care
Medicaid
Medicaid fraud
Medicare
Medigap
MSA
MRMI Program
POS Plans
PPO Plans
Risks of not having insurance
Save money on insurance
Term vs. Whole
Universal Life
Workers' Comp

Links

Email Mama

Free medicine from Pfizer

Financial help during medical crisis

Patient assistance programs

Adoption insurance

Value driven health care

Car Insurance
Save on Car Insurance

Financial Assistance for women's healthcare

2005 Insurance Coverage
2006 Insurance Coverage

62 days after being laid off



Medical Savings Accounts

What is a Medical Savings Account?

Medical Savings Accounts are tax-deferred accounts that allow you to save money for medical expenses.

How does a Medical Savings Account Work?

With a medical savings account, your employer or yourself takes money that is currently spent on your health insurance and deposits a portion of it into your Medical Savings Account. Up to $1,400 for an individual and $3,375 for a family can be placed in a medical savings account each year. The other portion of the money will be used to purchase a catastrophic policy that covers medical expenses after you meet a deductible.

Using your Medical Savings Account funds, you pay for your first $1,400 worth of medical bills directly. Medical Savings Account funds can be used to cover any medical expense that is currently tax deductible, such as acupuncture, anesthetist, chiropractor, contact lenses, dentist, eye glasses, medical doctor, psychologist, registered nurse and surgery.

Money that is left over in a Medical Savings Account

Medical savings accounts let keep money that is left over. You have two options for handling unspent Medical Savings Account funds:

  1. You can save money (tax-free) for future medical expenses and the interest that you accrue is also tax-free
  2. You can withdraw money from your Medical Savings Account at the end of the year, but would need to maintain a minimum balance.

Non medical withdrawals would be fully taxed and subject to a 15 percent tax penalty.


Get Quotes. Compare Plans. Apply Online.

Email Newsletter icon, E-mail Newsletter icon, Email List icon, E-mail List icon Sign up for our Email Newsletter
For Email Marketing you can trust

 

Hot Topics:

Domestic Violence: A pre-existing condition?

Serena: The wanna be vegetarian

Personal Story: How I recovered from my Eating Disorder

Mama wants to help: Food Bank programs and shelter assistance

Lucy Goes Green: Talk dirty to me

How to avoid Swine Flu

What no one will tell you about tummy tuck surgery

Mama's favorite item of the week: Trees for the Future

Foods for weight loss

Win a Gift Bag filled with Goodies from Stonyfield

Information obtained from MamasHealth.com™ should not be used as a substitute for professional medical care or attention by a qualified practitioner, nor should it be inferred as such. Always check with your doctor if you have any questions or concerns about a specific condition.

Use of this web site constitutes acceptance of the Terms of Use.
Contact us: PO Box 2170, Pasadena, CA 91102-2170

©2000 - 2009 MamasHealth, Inc.™. All rights reserved

Link to MamasHealth.com