What is an Idaho MSA? An Idaho MSA (medical savings account) is a bank account that helps you save money on healthcare costs and plan for your future. It accomplishes these things by directly reducing your taxable income for every dollar you put into the MSA on the Idaho State level.
You can use your Idaho MSA money tax-free to pay for medical expenses like premiums, co-pays, dental visits and hospital bills. The money you don’t spend rolls over each year and earns tax-free interest on the State level. You can even pull the money out for retirement after age 59.5!
Who Can Open One? Anyone that files an Idaho tax return! It has no insurance requirements, and no employment or age restrictions. Whether you’re employed, unemployed or retired - or insured, uninsured or on Medicare… you can have an Idaho MSA! How Much Can You Put In? Annual contribution maximums are based on your tax filing status: