Msa Or Hsa: Can I Keep My Msa Or Do I Need To Convert It Into An Hsa?
The Medical Savings Account (MSA) is an older form of the Health Savings Account (HSA).
You cannot open a new MSA. You cannot contribute additional money into your MSA.
However, you can keep your MSA as long as you like. When you retire, it will automatically turn into an Individual Retirement Account (IRA) and you can withdraw money from it then for any reason (not just medical).
Or, if you don't want to keep your MSA, you can roll it into your HSA.
Why would anyone want to keep their MSA?
I can think of only one circumstance. My wife and I have kept our MSA because our HSA custodian does not offer very good investment options yet in their HSAs. They only have a type of money market account for their HSA offerings. We want to put money into mutual fund accounts rather than money markets, but with their HSA product, we can't do that yet, until they expand the options.
For the most part, it will make perfect sense to roll your MSA into an HSA. However, if you decide not to do that, it is your right to hang on to that MSA as long as you wish, and retire with that money or use it for medical expenses along the way.
Daryl Kulak is the author of the book Health Insurance Off the Grid - A Wonderful Way to Use Alternative Medicine and Save Money on Insurance Using the New Health Savings Account (HSA). The book provides a simple plan to get your self-employed or small business health insurance costs under control using a unique approach you won't find anywhere else. The book is available for sale as an e-Book or paperback at the Website http://www.healthoffthegrid.com
Travel Insurance Pre-existing Conditions Coverage - How It Works
What is a Pre-Existing Medical Condition?When a trip cancellation travel insurance company refers to a "Pre-Existing Condition", they are talking about medical conditions that exist in the Lookback Period that immediately preceeds the travel insurance purchase date.Simply put, a Pre-Existing Condition is any medically documented condition (no matt...(related: Insurance)
High Deductible Health Insurance Plans For Individuals And Families
Do you pay more attention to your car than your body? You change your oil every 3000 to 4000 miles. You have your tires rotated every other oil change. Your air filter and brake pads are changed at ...(related: Insurance)
Life Insurance Careers
Do you like to spend all day being sitting around? Fixed income is good enough for you? Do you feel economic stability is not a priority right now?Well, if your answer to any of above questions is "Yes", you should accept the fact youhave a very high chance of being unsuccessful.But if, in the other hand, you are proactive, if you need to build a future for your family and yours...(related: Insurance)
What Is Term Life Insurance?
There are two different types of life insurance, term life insurance and permanent life insurance. Term life insurance is the easier of the two plans. This plan supplies you with death protection for a pre-determined amount of time, anywhere from one to 30 years. If you happen to die while paying on this type of policy your beneficiary will be paid the amount of money you specified when purchasing the policy. If at the end of the term you are still living your death protection...(related: Insurance)
Your Personal Injury Insurance Claim: Several Crucial Insights Into Medical Reimbursements
The best judge of Total Disability and/or Partial Disability is "Ole" Doc Comfort your attending physician. The Medical Report he executes for the insurance company you're battling with, Rock Solid Insurance Corporation, should alwa...(related: Insurance)
Health Insurance, What Does It Mean?
Your health insurance policy is an agreement between you and your insurance company. The policy lists a package of medical benefits such as tests, drugs and treatment services. The insurance company agrees to cover the cost of certain benefits listed in your policy. These are called "covered services."Your health insurance policy also lists the kinds of services that are not covered by your insurance company. You have to pay for any uncovered medical care health insurance that you receive. Keep in mind that in case of health insurance a medical necessity is not the same as a medical benefit. A medical necessity is something that your doctor has decided is necessary. A medical benefit is ...(related: Insurance)
Long Term Care Insurance - Low Cost Alternatives For Budget Conscious Seniors!
With Nursing home Cost's running $4,000 to $6,000 a month and outpacing inflation, it is a small wonder that most seniors cannot afford the Long term Care insurance premiums. Their are low cost Alternatives available for seniors who just can't afford the rising cost of these Premiums.Many Seniors even question if they need Long Term Care Insurance. Take a look at...(related: Insurance)
Car Insurance Gearing Up To Drive Down Costs
For once finances seem to be going in favour of the UK motorist, with Esure announcing plans to double its share of the UK'...(related: Insurance)
Insurance For Those Who Run Bed And Breakfast Properties
A Bed and Breakfast, often referred to as a B&B, is a private residence with several rooms of which are set aside for overnight guests whose paid accommodations include breakfast. Modern Bed and Breakfast often consciously tries to recall...(related: Insurance)
Compare Car Insurance Companies Before You Commit
If you want to save money on your car insurance, compare insurance companies before you sign up for an annual premium. Car insurance premiums can differ as much as 300% between carriers for the same coverage. Comparing quotes is the only way to find the best deal. Fortunately, online insurance sites have made this easy.Compare the Same ServiceInsurance companies may shout that they have the lowest prices, but that may only apply for "no accident" drivers with high deductibles. To have a realistic idea about prices, compare the same deductible and coverage amount with several different insurance companies. Free online insurance sites can easily do this fo...(related: Insurance)
Health Savings Account (hsa): Do I Lose It At The End Of Each Year?
The Health Savings Account (HSA) is an amazing tool to reducehealthcare expenses and insurance costs. But do you lose it atthe end of each year, like with a Flexible Savings Account (FSA)?Thank goodness, no! You do not lose your HSA money at the end ofeach year.Health Savings Account were created specifically to be BETTER thantheir predecessors, Flexible Savings Accounts (FSA) and Medical SavingsAccounts (MSA).Your HSA does not have to be used up within the year. In fact,the money can just build and build each year if you don't need it. Itwill be there for your health crisis if that ever happens.If you never have that health crisis (and I hope that's the case foryou!) then you will have a nice little nest egg built up ofyear-a...(related: Insurance)
How Can I Compare Life Insurance Quotes?
The online life insurance companies offer a free service where you can request a free quote for your life insurance needs. This enables you to compare life insurance quotes to see where you can save money with one over the other. To compare life insurance quotes, all you have to do is request a quote from as many companies as you...(related: Insurance)
How To Reduce Car Insurance Premiums
Here are some useful tips on how to reduce car insurance premiums. Firstly, you need to find a sense of balance between coverage and cost. Apart from negotiating a good deal, there are some other things that you can do to furth...(related: Insurance)