Definition of medical savings account

  • Medical savings account (MSA) is a term that can be regarded to any of tax-benefitted arrangements approved since the early 1990s. Under the Internal Revenue Code in the early 1990s, there are specific types of medical savings accounts that were authorized and regulated.
  • Medical savings account is the type of account that is included within a health savings account (HSA).
  • In a business employers can sometimes help their employees pay the expenses of medical treatments. This is by providing health reimbursement arrangements (HRAs) or flexible spending arrangements (FSAs).
  • Contributions from the employee, employer, or both can contribute to employee HSAs.
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