What is an Idaho MSA?

An Idaho MSA (or Medical Savings Account) is a just like a normal savings account, but with a few important additional benefits!  The MSA allows you to put aside money for medical expenses like hospital bills, doctor visits and insurance premiums, tax-free.  This means the money you put into your MSA to pay both expected and unexpected healthcare costs immediately reduces the amount of state income tax you owe with every dollar you put in!

Reducing your taxable income by using your MSA means you'll instantly be saving money on healthcare costs.  That probably sounds like a breath of fresh air, as it seems "healthcare" is an area of the family budget that seems to have done nothing but expand over that last several years.  

The MSA also allows you to plan for your future.  Medical costs are a part of life, and we all know they're never inexpensive.  Being prepared when those situations arrive can make a world of difference.  

Taking a few minutes to understand the benefits an MSA provides can be a huge help no matter what your situation may be.  Old or young, rich or poor, insured or not...we can all probably plan a little bit better in addition to getting a bigger tax refund, or paying less in to the State of Idaho every April.

With the Idaho MSA, You Can:

Save Money on Healthcare Plan for Future Medical Expenses
  • Reduce your taxable income, dollar for dollar
  • Build a "buffer" for inevitable medical costs
  • Pay medical costs like premiums and co-pays, tax-free
  • Save money tax-free for retirement
  • Use with or without insurance coverage
  • Unspent money rolls over each year
  • Use without any age restrictions
  • Unspent money earns tax-free interest

We refer to the MSA as the "Idaho MSA" because it is an Idaho-specific program.  It was designed by the Idaho State Legislature to help Idahoans of all different financial situations and backgrounds save money on healthcare costs, plan for future healthcare expenses, and to help employers provide a quality benefit to their local employees.  It's important to note that the Idaho MSA only offers a tax-reduction on the Idaho State level.  It does not offer you a tax shelter on the Federal level, like a health savings account.

Because this program was designed with the intention to help as many people as possible, the Idaho MSA ended up being extremely flexible.  There are no age limits and it has absolutely nothing to do with your insurance policy, so there are no deductible requirements or other confusing insurance limitations to having one.  In fact, you can open an Idaho MSA with no health insurance at all!

Learn more about the benefits to opening an Idaho MSA, or read on to learn about how much you can contribute into your account every year!

How Much Can You Put in Your MSA?

Contributions to your Idaho MSA are based on your tax filing status.  Individuals can deposit up to $10,000 and married couples filing joint income tax returns can deposit up to $20,000 each year.

Idaho MSA Annual Contribution Limits
Idaho Tax Filing Status Annual Contribution Limit
Single Filing Status $10,000
Joint Filing Status $20,000


What Can You Use Your MSA Money For?

The MSA is incredibly versatile, and you can use that tax-free money from your MSA to pay for all kinds of different medical costs, like:

  • Family Doctor Visits
    • Co-Pays, X-Rays & Blood Testing
  • Eye Doctor Visits
    • Checkups, Contacts & Eyeglasses
  • Hospital Bills
    • Ambulance, ER Visits & Surgeries
  • Household Medical Supplies
    • Band-Aids, Ice Packs & Knee Braces
  • Dental Visits
    • Checkups, Cleanings & Braces
  • Even your Health Insurance & Medicare Premiums!
    • Almost Everyone's Got Those!

Where Can I Get An MSA?

We would love to help you open your Idaho MSA!  You can enroll online, fill out a paper application and fax or email it to us, or simply contact our office and we'll enroll you over the phone.  Setting up your Idaho MSA is so simple, it shouldn't take any longer than 5 minutes out of your day.  We'll make sure all the information gets to the right places and your MSA will be open and ready to go in no time at all!  

We truly look forward to the opportunity to serve you, and remember that all of us at Idaho Independent Bank are here to work for you!

Contact Our Office:

Address:  401 W. Front Street, # 100  Boise, ID 83702

Hours:  Monday-Friday 9 AM to 5 PM MST

Phone:  (208) 338-8018

Fax:  (208) 947-1159

Email:  healthcareaccounts@iibk.net

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