Medical Savings Accounts


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Understanding Medical Savings Accounts

number of benefits, including tax breaks for those with hefty medical expenses. With a medical savings account, you can make tax-deductible deposits and withdrawals used for medical expenses. For individuals with recurring medical expenses or those anticipating more trips to the doctor’s office, a medical savings account is a great resource.

You can contribute a portion of your paycheck to a medical savings account, which is typically part of your employer-sponsored health insurance. Additionally, you can create an account and make deposits on your own. To avoid losing money, you must use all the money in your account before the end of the year, so make sure you deposit only as much you expect to use. Read articles about medical savings accounts on GOBankingRates to learn more.