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Idaho Medical Savings Account

An Idaho Medical Savings Account (MSA) allows you to save for medical expenses while reducing the amount of Idaho income tax you owe. An Idaho MSA is an excellent option when you have a health insurance plan that does not have a high deductible, but still want the tax benefits and flexible options associated with a federal HSA.

Summary

Customizable Home Federal MSA options
No initial setup fee
Contributions are Idaho state tax deductible
Interest grows tax-free
Withdrawals are tax-free when used for qualified medical expenses
No minimum balance to open
Money invested carries over year to year

Check out our current rates.

NOTE: These deductions can only be taken on your Idaho state income tax return; they do not apply to federal returns. Similarly, customers with a federal HSA cannot claim the Idaho MSA tax deduction.

More Info

Annual contribution limit is $2,000 a year, or $4,000 if married filing jointly
Reimbursements that are re-deposited into the MSA are not considered contributions
Contributions and interest earned are tax deductible
Qualified medical expenses do include vision, dental, and nursing home costs
Any withdrawals not used for qualified medical expenses are subject to tax
If you are under 59½, funds withdrawn for non-eligible medical expenses are subject to a 10% penalty