MSA (Medical Savings Account) plans might offer the best value for self-employed individuals. They combine a high deductible major medical plan with an interest bearing savings account that is funded with pretax money. You can use the savings account funds for almost any type of medical expense without worrying about networks. Money contributed to a Florida MSA is exempt from both Federal and State taxes, like an IRA, and accumulates interest on a tax deferred basis, like an IRA. Unlike an IRA, the exempted funds in a Medical Savings Account can be used immediately for any qualified medical expense. This includes doctors, dentists, prescriptions, psychotherapy, chiropractor, etc. You can even pay for your long term care insurance with tax-free money.

The MSA plan has essentially have two parts. First there is a high-deductible major medical plan. Once you reach the deductible (as a family if it is a family plan) all eligible expenses are covered 100%. The other part of the plan is the actual savings account. The money you put into this account earns interest and rolls over from year to year. It is always your money, whether you keep the insurance or not. When you are 65 you can take the money out and pay tax on the interest (like an IRA). Remember, the money you put into your MSA plan is available immediately for medical expenses. For more information on what is considered a valid medical expense go to http://www.irs.ustreas.gov/forms_pubs/pubs/p50205.htm.

Florida MSA plan advantages:
- Reduces your health insurance premiums
- Allows you to use pretax money for medical expenses
- Permits you to pay for long-term-care with pretax money
- Doesn't restrict you to any networks
- Money does not disappear if not used

If you are self-employed you should consider this type of plan. It is not sold by all health insurance agents and you should talk to an MSA Specialist. Call us at 1-800-986-4786 for details (or click on the link at the top of the page).

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