The 106th Congress passed one of its last pieces of legislation including three overdue spending bills that complete the fiscal 2001 budget. Happily for health care consumers, the package also contains a two-year extension of the Medical Savings Account (MSA) demonstration project. In 1996, the Health Insurance Portability and Accountability Act (HIPAA) created a Medical Savings Account four-year program. An MSA is a tax-deferred savings account set up to pay for qualifying medical expenses. It also allows for accumulation of long-term savings to pay for future medical expenses. As long as the funds remain in the account or are used to pay for qualified medical expenses, income earned on funds in the MSA and income contributed is not taxed. The program was set to end December 31, 2000 but negotiations through Congress extended this program for two years to allow for greater access and benefits to more consumers.

Please contact us at 515.223.1601 or info@bryton.com if you have any questions regarding Medical Savings Accounts.

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