What is a medical savings account?
The Bankrate.com financial term of the day is: "Medical Savings Account."
"Medical savings account" was the original name for what are now called health savings accounts. Originally, they were devised for self-employed people and workers at small businesses, so they could set aside money to pay medical bills in the absence of health insurance. Today's health savings accounts are more widely available and allow people to enjoy tax advantages when they put away money they may need someday for medical expenses as part of a health plan with a high deductible.
Medical savings accounts offered a way to save for medical expenses. They have given way to today's health savings accounts.
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