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RE: [IP] Insurance MSA

At 11:33 AM 2/24/2000  Sherry Webb Nolan wrote:
 >I might be crazy, but your explanation made it sound like the same thing

Not quite... having used the Cafeteria plan for a few years. Your employer 
sets aside a certain amount of money each month, BEFORE taxes (based on the 
amount that you designate). It's managed by an outside firm and can only be 
used for qualifying un-reimbursed medical expenses. Whatever you don't use 
within a calendar year is not refundable.

Here is what my tax guide says about the MSA:

 >If you are covered by a high-deductible health insurance plan, you may be
 >able to set up and deduct contributions to a medical savings account (MSA).
 >To qualify, the deductibles for your plan must be at least $1,550 a year and
 >cannot exceed $2,300, if only you are covered. For married couples and
 >families, the deductibles must be between $3,050 and $4,600. Your
 >high-deductible policy must limit co-payments on covered benefits -- to
 >$3,050 for self-only coverage, $5,600 for marrieds and family coverage.
 >If you are also covered by health insurance -- other than catastrophic --
 >you cannot have an MSA. But insurance against accidental injury or
 >disability is allowed, as are per-diem hospitalization, dental, vision,
 >liability coverage, cancer and long-term care.
 >The amount you can deduct for your MSA contributions depend on your annual
 >insurance deductible.


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