[Answer] what is the maximum amount that can be contributed to an MSA of the high deductible plan for individuals?

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what is the maximum amount that can be contributed to an MSA of the high deductible plan for individuals?

Sat Jan 24 2009 13:30:00 GMT-0500 (Eastern Standard Time) ยท In the United States a medical savings account ( MSA ) refers to a 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 expenses. The MSA must be coupled with a high – deductible health plan (HDHP).

A health savings account (HSA) is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a high – deductible health plan (HDHP). The funds contributed to an account are not subject to federal income tax at the time of deposit. Unlike a flexible spending account (FSA) HSA funds roll over and accumulate year to year if they are not spent.

Health savings account – Wikipedia

Medical savings account (United States) – Wikipedia

Medical savings account (United States) – Wikipedia

The maximum contribution limits policy holders may make to their HSA in 2019 are $3 500 (individual) and $7 000 (family) with a $1 000 catch-up contribution for people age 55 or older.

Contributions cannot be paid through a salary reduction agreement (such as a cafeteria plan ). There is no minimum or maximum contribution limit on the employer’s contributions to an HRA. Distributions. According to the IRS employees are reimbursed tax-free for qualified medical expenses up to a maximum amount for a coverage period.

For employer-sponsored plans a $2 000 maximum annual deductible is established for any plan covering a single individual or a $4 000 maximum annual deductible for any other plan (see 111HR3590…

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