Medical savings account
Encyclopedia
Medical savings account (MSA) refers to an account in which tax-deferred deposits can be made for medical expenses.
(Chinese: 保健储蓄) was introduced in April 1984 as a national medical savings system for Singaporeans. The system 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 contributes 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 The savings can be withdrawn to pay the hospital bills of the account holder and his or her immediate family members.
began a pilot study of medical savings accounts in the cities of Zhenjian and Jiujiang
.
China has planned to expand the program.
In Singapore
MedisaveMedisave
Medisave was introduced in April 1984 as a national medical savings account system for Singaporeans. The system 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...
(Chinese: 保健储蓄) was introduced in April 1984 as a national medical savings system for Singaporeans. The system 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 contributes 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 The savings can be withdrawn to pay the hospital bills of the account holder and his or her immediate family members.
In China
In December 1994, ChinaPeople's Republic of China
China , officially the People's Republic of China , is the most populous country in the world, with over 1.3 billion citizens. Located in East Asia, the country covers approximately 9.6 million square kilometres...
began a pilot study of medical savings accounts in the cities of Zhenjian and Jiujiang
Jiujiang
Jiujiang , formerly transliterated Kiukiang, is a prefecture-level city located on the southern shores of the Yangtze River in northwest Jiangxi Province, China. It is the second-largest prefecture-level city in Jiangxi province, the largest one being Nanchang...
.
China has planned to expand the program.
In the United States
United States has two medical savings account programs:- Medical savings account (United States)Medical savings account (United States)In the United States, a Medical Savings Account refers to an American medical savings account program, generally associated with self-employed individuals, in which tax-deferred deposits can be made for medical expenses. Withdrawals from the MSA are tax-free if used to pay for qualified medical...
(started 1993, still prevalent in California) - Health savings accountHealth savings accountA health savings account is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a high-deductible health plan . The funds contributed to an account are not subject to federal income tax at the time of deposit. Unlike a flexible spending account...
(created 2003, supersedes MSAs, more widely available)
External links
- Medical Savings Accounts: Lessons Learned from Limited International Experience (2002) by World Health Organization