Montana Medical Savings Account

Save for future healthcare costs and reduce your Montana state income tax at the same time. You can utilize a Montana Medical Savings Account (MSA) instead of or in addition to a federal HSA. Unlike an HSA, there is no requirement to be covered by a high deductible health plan.

Montana Medical Savings Account
Summary
  • Earn competitive interest on entire balance
  • Contributions are tax deductible on your Montana state income tax return*
  • Interest grows tax free
  • Withdrawals are tax free when used for qualified medical expenses (see More Info tab)
  • Money rolls over year-to-year automatically
  • Account is owned by you, not employer
  • Only $25 minimum balance to waive $5 monthly service charge
  • FDIC insured

*Consult with a tax advisor.

More Info

Qualified (tax-free) medical expenses include, but are not limited to, the following:

  • Medical, vision, and dental expenses
  • Health insurance premiums
  • Prescription drugs
  • Nursing and long-term care expenses
  • Transportation for medical care
  • Certain lodging expenses
  • Crutches
  • Hearing aids
  • Medical expenses for a spouse or dependent child (in most cases)

Withdrawals for non-qualified medical expenses are subject to state income tax and a 10% penalty. The 10% penalty is waived for persons 65 and over or who have become disabled.

Contribution Limits

You may contribute up to $3,000 each year to your Montana MSA. Joint accounts are not allowed, but spouses are able to establish separate MSAs.

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