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This Web site contains a compilation of more than a thousand consumer finance  columns written by Tony Novak from the 1980s through 2006, updated and reformatted for maximum usefulness today.  New material was added after 2010.

Content is the opinion of the author and does not represent the position of any other person or entity. Information is from sources believed to be reliable but cannot be guaranteed.

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Medical savings account contribution

originally posted: 11/22/2006  reposted: 2/18/2011 This post has not been recently reviewed or revised by the author and may be out of date. If you notice an error or are in doubt, please send a new question by email or ask for an update. Email

Q: I have a family medical savings account, my daughter needs braces. What is the maximum amount I can put in my medical savings account for the tax year?

A: Assuming that you were covered for the full 12 months of 2006 and that you earn more than the amount of the contribution, you can contribute 75% of the amount of your qualifying health insurance policy deductible to a Medical Savings Account. You can increase the contribution to 100% of the policy deductible plus a possible additional catch-up contribution (depending on your age) simply by converting the Medical Savings Account to a Health Savings Account. Most plan administrators will do this at no charge.


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