Flexible Spending Accounts and Medical Savings Accounts: A Comparison (CRS Report for Congress)
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| Release Date |
Revised July 21, 2003 |
| Report Number |
96-500 |
| Authors |
Bob Lyke, Domestic Social Policy Division |
| Source Agency |
Congressional Research Service |
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Summary:
This report compares flexible spending accounts (FSAs) and medical savings accounts (MSAs). FSAs are employer-established plans that reimburse employees for specified expenses as they are incurred; they first began in the 1970s. MSAs are tax-advantaged individual savings accounts that can also be used for unreimbursed expenses; they became available under a demonstration that began in 1977. It begins by describing FSAs, the basis for their tax treatment, and data on their use. It then describes the MSA demonstration authorized by the Health Portability and Accountability Act of 1996 (HIPAA), the basis for their tax treatment, and data on their use. The report continues by making comparisons of FSAs and MSAs with respect to various points. The report concludes with a discussion of current legislation.
