Save for current and future out-of-pocket medical expenses. Funds are free from Montana state taxes!
Health is Wealth
A Montana Medical Savings is a way for individuals to save and pay for medical expenses for themselves or anyone they choose. This includes long-term health care costs like insurance or an annuity for long-term care. Montana residents who are taxpayers and ages 18+ are eligible to establish this savings account, even if they have an additional health care plan.
Available for individual accounts only (no joint owners) and only the account holder can access funds. It must be set up under a separate account number.
The cure for weak medical savings
- Deposit up to $4,500 annually (2022). This limit will increase according to the Consumer Price Index (in $500 increments).
- Funds left in the account or used for qualified medical expenses are not subject to Montana state income taxation.
- Deposits, withdrawals and tax reporting are administered by the account holder, or an account administrator.
- Account holder must maintain documentation to verify funds are used for eligible expenses.
- Expenses paid in a prior tax year must be withdrawn by January 15.
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How it Works
- No monthly service charge and earns dividends.
- The amount deposited is entered as a reduction on Montana individual income tax returns.
- Funds can’t be used for medical expenses already reimbursed from insurance coverage.
- Withdrawals that aren’t eligible expenses are handled as normal income and taxed that way.
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