How to Know If You Have an HSA or MSA?

Health Savings Accounts (HSAs) and Medical Savings Accounts (MSAs) offer individuals a way to save for medical expenses tax-free, but how do you know if you have one?

To determine if you have an HSA or MSA:

1. Check with your employer: Many employers offer HSAs as part of their benefits package, so start by looking into the benefits provided by your employer.
2. Review your bank statements: If you see contributions to an HSA or MSA on your bank statements, it's a clear indicator that you have one.
3. Consult your healthcare provider: Some healthcare plans come with an HSA or MSA attached, so it's essential to check with your provider to see if you have one.
4. Check with your insurance provider: Your insurance company can also provide information on whether you have an HSA or MSA linked to your healthcare plan.
5. Review your tax forms: Contributions to an HSA are tax-deductible, so looking at your tax forms can also help you identify if you have an HSA or MSA.

Health Savings Accounts (HSAs) and Medical Savings Accounts (MSAs) are invaluable tools for your healthcare finances. If you’re not sure if you have one, there are several ways to find out.

Begin by checking with your employer — many provide HSAs as part of their employee benefits. Additionally, a quick look at your bank statements can reveal contributions that indicate you have either an HSA or MSA.

It’s also wise to consult with your healthcare provider, as these accounts can sometimes be included with your healthcare plan. If you’re not sure about your insurance setup, your insurance provider can clarify whether you’ve got an HSA or MSA. Lastly, don't forget to look over your tax forms—contributions to HSAs are tax-deductible and can give you clear confirmation of your account.