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Hope316
New Member

Is a msa medical savings account the same as a medicare savings program?

 
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PaulaM
Employee Tax Expert

Is a msa medical savings account the same as a medicare savings program?

They are a slightly different but both function similarly to an HSA plan

An Archer medical savings account (MSA)is a tax-exempt trust or custodial account that you set up with a U.S. financial institution. You can save money in this account to use exclusively for future medical expenses. Archer MSAs were created to help self-employed individuals and employees of certain small employers meet the medical care costs of the account holder and family. 

Medicare works with private insurance companies to offer you ways to get your health care coverage. These companies can choose to offer a consumer-directed Medicare Advantage Plan, called a Medicare MSA Plan. 

https://www.medicare.gov/sign-up-change-plans/medicare-health-plans/medicare-savings-accounts/medica...

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PaulaM
Employee Tax Expert

Is a msa medical savings account the same as a medicare savings program?

They are a slightly different but both function similarly to an HSA plan

An Archer medical savings account (MSA)is a tax-exempt trust or custodial account that you set up with a U.S. financial institution. You can save money in this account to use exclusively for future medical expenses. Archer MSAs were created to help self-employed individuals and employees of certain small employers meet the medical care costs of the account holder and family. 

Medicare works with private insurance companies to offer you ways to get your health care coverage. These companies can choose to offer a consumer-directed Medicare Advantage Plan, called a Medicare MSA Plan. 

https://www.medicare.gov/sign-up-change-plans/medicare-health-plans/medicare-savings-accounts/medica...

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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