Congratulations, you've got an Idaho Medical Savings Account (MSA)! You know what you can spend the money on, and you know all the tax benefits to funding it. But the most important question of all still remains...
"How do I get money into this thing so I can start saving on my healthcare costs?"
We get this question all the time, and the answer is that there are many different ways to fund your Idaho MSA. We'll go over all the ways you can make deposits to your account below, and as always, please don't hesitate to contact our office with any questions and we're happy to help!
How To Fund Your Idaho MSA:
- Using a Debit or Credit Card:
You can use any debit or credit card to transfer money into your Idaho MSA from our website.
When making a deposit, you have the choice to make a "one-time" contribution, or you can choose to make them recurring. If they're set up to be recurring, we will pull a set amount either weekly, bi-weekly or monthly, whichever you prefer. We will continue to automatically fund your Idaho MSA from that card until you tell us to cancel the recurring transaction.
Please be sure to note these transactions are not instantaneous. Processing funds electronically can take 2-3 business days.
Funding with a debit/credit card is quick, simple, convenient, and many people choose to use their credit cards so they can also take advantage of rewards programs or bonus miles they earn for using those cards. That's a double-dip, and a great way to take advantage of those rewards while funding your Idaho MSA at the same time. You don't even need to leave your couch to do it! Excellent strategy!
- Mailing A Physical Check:
You can write a check from any existing bank account and mail it into our office. As soon as we receive your check, we will deposit those funds into your Idaho MSA. When selecting this method be sure to account for the postal mail time, and also be sure to indicate the check is for your Idaho MSA so we know where to put the funds when we receive them.
To mail us a check, use the following address:
Idaho Independent Bank
Attn: Healthcare Accounts
401 W. Front Street #100
Boise, ID 83702
- Mobile Check Deposit:
If you've got a smartphone, you can download the IIB mobile app and make deposits with your camera! Just log into the app, snap a picutre of the check and you're good to go.
- Electronic Transfers with "Transfer Now":
Our newest deposit feature allows you to quickly and easily transfer funds into your Idaho MSA from any bank account you own at any financial institution. All you need to do is log into IIB's online banking portal and from there, you can set up these transfers as "one-time", or you can set up a recurring series. There is no fee to do this, and it's a quick and simple way to make deposits no matter where you'd like the money to pull from.
- Using Online Bill Pay:
If any of your existing bank accounts have bill pay, you can use that feature to essentially "pay yourself" automatically. This is usually a free service, and all you need to do is set your Idaho MSA up as the entity that needs to be paid. Put in your account number, and use our address listed above. This will have a check generated from your bank and mailed on your behalf to be deposited into your Idaho MSA when it is received. Typically, you can set this up to either be "one-time" or recurring, depending on how often you'd like to send funds to your MSA.
- Walking Into Any Idaho Independent Bank Branch:
You can head into any of our bank branch locations to make a deposit, just like you would for any other bank account. Come stop in, we'd love to see you!
That's a lot of options, and there are usually one or two that work great for everyone. If you don't see something that would work for you or you have questions, please don't hesitate to let us know and we can help you find a solution that works.
I hope this information was helpful, and we appreciate your business! All of us here at Idaho Independent Bank look forward to the opportunity to help you and your family save money on your healthcare costs this year with your Idaho Medical Savings Account!
Posted by idahomsa at 7/19/2016 9:18:00 PM