A medical savings account (MSA) is an account into which tax-deferred amounts from income can be deposited. The amounts are often called contributions and may be made by a worker, an employer, or both, depending on a country's laws.
The money in such accounts is to be used to pay for medical expenses. Withdrawals from the account often called distributions, if made for that reason, may or may not be subject to income tax. Withdrawals without adequate documentation of use for medical expenses are subject to penalties.
In December 1994, the China began a pilot study of medical savings accounts in the cities of Zhenjiang and Jiujiang.[1] China has planned to expand the program.[1]
Medisave was introduced in April 1984 as a national medical savings system in Singapore. It allows Singaporeans to put aside part of their income into a Medisave account to meet future personal or immediate family's hospitalization, day surgery and for certain outpatient expenses.
Under this system, Singaporean employees contribute 6–8% (depending on age group) of their monthly salaries to a personal Medisave account. The savings can be withdrawn to pay the hospital bills of the account holder and immediate family members.
"Health Savings Plans: Protecting Your Savings". Health 401k. 25 December 2011. Retrieved 19 January 2012.
May 05, 2023
medical, savings, account, medical, savings, account, account, into, which, deferred, amounts, from, income, deposited, amounts, often, called, contributions, made, worker, employer, both, depending, country, laws, money, such, accounts, used, medical, expense. A medical savings account MSA is an account into which tax deferred amounts from income can be deposited The amounts are often called contributions and may be made by a worker an employer or both depending on a country s laws The money in such accounts is to be used to pay for medical expenses Withdrawals from the account often called distributions if made for that reason may or may not be subject to income tax Withdrawals without adequate documentation of use for medical expenses are subject to penalties Contents 1 In China 2 In Singapore 3 United States 4 See also 5 References 6 External linksIn China EditIn December 1994 the China began a pilot study of medical savings accounts in the cities of Zhenjiang and Jiujiang 1 China has planned to expand the program 1 In Singapore EditMain article Medisave Medisave was introduced in April 1984 as a national medical savings system in Singapore It allows Singaporeans to put aside part of their income into a Medisave account to meet future personal or immediate family s hospitalization day surgery and for certain outpatient expenses Under this system Singaporean employees contribute 6 8 depending on age group of their monthly salaries to a personal Medisave account The savings can be withdrawn to pay the hospital bills of the account holder and immediate family members United States EditMain articles Medical savings account United States and Health savings account The United States has two medical savings account programs 2 Medical savings account started 1993 still prevalent in California Health savings account created 2003 supersedes MSAs more widely available See also EditHealth care systemReferences Edit a b Medical Savings Accounts Lessons Learned from Limited International Experience PDF World Health Organization 2002 Medical savings insurance infoforall net 2014 10 13 Retrieved 2016 09 03 External links Edit Health Savings Plans Protecting Your Savings Health 401k 25 December 2011 Retrieved 19 January 2012 Retrieved from https en wikipedia org w index php title Medical savings account amp oldid 1109534647, wikipedia, wiki, book, books, library,
