Question for the Money Doctors
Question submitted on Jul 16, 2020.
QuestionI have an Archer MSA made in 2019 in the amount of $2000.00. How can I access this money?
This money is intended for out of pocket medical expenses. This includes co-pays, deductibles, prescriptions, eye glasses, etc. Under the CAREs Act, the eligible expenses have been expanded to include certain over-the-counter medications and products. For more specifics, contact your Archer MSA administrator. You can find more details on their website on how to take advantage of the money in this account.
You cannot use this money to pay for insurance premiums. If you use the money for non-medical expenses, the distribution will be taxable and subject to penalty.
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