Author Topic: Medical Savings Account  (Read 1575 times)

SpaghettiMonster

  • 5 O'Clock Shadow
  • *
  • Posts: 12
Medical Savings Account
« on: November 30, 2012, 06:41:08 PM »
Our insurance next year will include a medical savings account that we can deposit pre-tax money into and use for any medical expenses. There is a medical procedure that we might possibly need next year that could be around 10K that will not be covered by insurance, so I'm considering contributing the max amount (about 6K) to the med savings account to use towards that in order to save on the taxes. This is the first time I have ever used one of these accounts. Does anyone know any reason why we shouldn't do this? If, for some reason, we don't need this medical procedure, and don't use the money next year, we can always use it in the future, we don't lose it. So, it doesn't seem risky, but not sure if I'm thinking of all possibilities.

chucklesmcgee

  • Pencil Stache
  • ****
  • Posts: 613
Re: Medical Savings Account
« Reply #1 on: November 30, 2012, 07:55:46 PM »
Some of that cost might be deductible too. http://www.irs.gov/publications/p502/ar02.html#en_US_publink1000178856

Also look at an HSA if your plan allows it.