An RMSA is a tax-advantaged retiree healthcare savings account where employees set aside money now to help pay for healthcare costs in retirement. It is funded with after-tax employee contributions that can be invested using a variety of investment choices. When employees retire, money in the account can be accessed tax-free and used for a variety of qualified medical expenses, such as:
- Retiree health insurance premiums
- COBRA premiums
- Medicare premiums
- Long term care insurance premiums
- Copayments and deductibles
- Prescription drugs
- Other out-of-pocket health expenses after retirement.
A University contribution is not provided to the RMSA.*
Where Can I Get More Information?
For information on accessing your RMSA account balance after retirement, please see the “RMSA Flyer”.
For details regarding eligibility, definitions, benefits and guidelines, please refer to the RMSA Summary Plan Description.
*Any university contributions received previously will remain in the participant’s account and can be used for out-of-pocket medical expenses as outlined in the Plan Document.