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MSA or HSA: Can I Keep My MSA Or Do I Need to Convert it into an HSA?
By Daryl Kulak


Ppi Claims
At the time you felt pressured into taking out payment protection insurance on your loan. The representative from the bank seemed to bamboozle you with facts and figures and to be honest; you didn`t quite understand what was going on. You just wanted the loan because you needed a newer car as the engine on your old one had packed in. However, here you are a number of years later and you feel that an injustice has been carried out. A number of people have been sold PPI in the past and they have made successful claims against the bank that made them take it out in the first place. Enquire about Ppi Claims through a claim management company and you could find that you have a very strong case. You weren`t made fully aware of the facts at the time and there`s a good chance that you were mis-sold the policy. Speak to an advisor about Ppi Claims and you might even find that your policy was full of exemptions and clauses which meant it would have never been paid anyway. Highly experienced PPIs were sold to tons of people and in countless cases they didn`t guarantee to cover loan payments in times of sickness or redundancy. Plenty of people have valid reasons to make the Ppi Claims and you could be one of them.


The Medical Savings Account (MSA) is an older form of the Health Savings Account (HSA).

You cannot open a new MSA. You cannot contribute additional money into your MSA.

However, you can keep your MSA as long as you like. When you retire, it will automatically turn into an Individual Retirement Account (IRA) and you can withdraw money from it then for any reason (not just medical).

Or, if you don?t want to keep your MSA, you can roll it into your HSA.

Why would anyone want to keep their MSA?

I can think of only one circumstance. My wife and I have kept our MSA because our HSA custodian does not offer very good investment options yet in their HSAs. They only have a type of money market account for their HSA offerings. We want to put money into mutual fund accounts rather than money markets, but with their HSA product, we can?t do that yet, until they expand the options.

For the most part, it will make perfect sense to roll your MSA into an HSA. However, if you decide not to do that, it is your right to hang on to that MSA as long as you wish, and retire with that money or use it for medical expenses along the way.

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