HSA Guide
How to Determine if You Have HSA or MSA - A Comprehensive Guide
Published November 9, 2023
Check eligibility on the go — browse 7,000+ HSA-eligible products in the free app.
Get the appHow to identify HSA or MSA
Health Savings Accounts (HSA) and Medical Savings Accounts (MSA) are both tax-advantaged accounts that can help you save money for medical expenses. To determine if you have an HSA or MSA, you need to understand the key differences between the two.
Here's how you can identify if you have an HSA or MSA:
- Check with your employer or health insurance provider:
- Review your account statements:
- Look at the type of high-deductible health plan (HDHP) you have:
- Ask your HR department or insurance company if they offer an HSA or MSA option.
- If you see contributions labeled as HSA contributions, you have an HSA.
- If you notice contributions labeled as MSA contributions, you have an MSA.
- HSAs are only available to individuals with an HDHP that meets specific criteria set by the IRS.
- MSAs are less common and have their own eligibility requirements.
When to seek clarification on account type
If you are still unsure about whether you have an HSA or MSA, consult your HR department, benefits administrator, or tax advisor for clarification.
When considering whether you have a Health Savings Account (HSA) or a Medical Savings Account (MSA), itâs crucial to first understand the unique advantages each account provides, particularly regarding taxes and usage for qualified medical expenses.