Medical savings account
Taxation An aspect of fiscal policy
Medical savings account (MSA) refers to an account in which tax-deferred deposits can be made for medical expenses.
Medisave (Chinese: 保健储蓄) was introduced in April 1984 as a national medical savings system for Singaporeans. The system allows Singaporeans to put aside part of their income into a Medisave account to meet future personal or immediate family's hospitalization, day surgery and for certain outpatient expenses.
Under this system, Singaporean employees contributes 6-8% (depending on age group) of their monthly salaries to a personal Medisave account. The savings can be withdrawn to pay the hospital bills of the account holder and his or her immediate family members.
China has planned to expand the program.
In the United States
United States has two medical savings account programs:
- Medical savings account (United States) (started 1993, still prevalent in California)
- Health savings account (created 2003, supersedes MSAs, more widely available)
- Medical Savings Accounts: Lessons Learned from Limited International Experience (2002) by World Health Organization
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