Getting to know your Medical Savings Account
At Retail Medical Scheme we often talk about paying something from the available funds in your Medical Savings Account, but what is it and how does it work? And who has one?
Your Medical Savings Account is similar to a savings account at a bank, but you can only use the funds for medical expenses. Only members on the Essential Plus Option have a Medical Savings Account or MSA for short.
We pay an amount into your Medical Savings Account at the beginning of the year and you can decide how you want to spend it on day-to-day medical expenses. You can think of this yearly amount as an interest-free loan because you pay part of the amount back to us each month as part of your membership contribution. If you leave the Scheme in the middle of the year, no matter the circumstances, you still have to pay us back the part of your Medical Savings Account you used that your contributions have not yet paid for.
