The number of ways to pay for medical expenses is large and growing quickly, so if you’ve ever wondered, “What is an HMA?” you’re not alone. In this article, we’ll explore what an HMA is and how you can tell if it’s right for you.

Let’s define what an HMA is.

An HMA is a medical savings plan designed exclusively for out-of-pocket medical expenses. It is a strong option for people who want to add a separate layer of protection for themselves and their families.

An HMA is not a substitute for health insurance. Instead, it’s a standalone product available to people and families regardless of their health insurance status. Just to make this crystal clear:

  • If you do not have health insurance, you can still purchase an HMA.
  • If you have health insurance, you can purchase an HMA.

There are no penalties for enrolling without insurance coverage. Anyone can purchase an HMA.

Here is how they work: You contribute between $40-725 per month. In return, you receive an ID card to pay for medical, dental, vision, and prescriptions. Additionally, HMA funds can be used for elective procedures like braces, LASIK, dental implants, cosmetic surgery, and even in vitro fertilization (IVF).

HMAs offer compounded contributions that grow over time.

When you contribute to an HMA, your contribution is matched at a 10% rate and compounds at 10% per month.

To break it down, an HMA matches your contributions at 110% (first month), 120% (second month), and 130% (third month). As you continue contributing, your funds grow from monthly additions. That consistent growth makes it easier for you to manage healthcare expenses that fall outside the coverage of your health insurance plan.

Your plan continues through the end of the year and does not expire.

What is health matching accounting (HMA) compared to a health savings account (HSA)?

An HMA is similar to an HSA, which comes with employment or is attached to a high-deductible major medical plan.

Like an HMA, an HSA allows you to set aside money to pay for medical expenses. But here’s the big difference—the HMA matches your money.

Here are the two major reasons to add an HMA alongside traditional health care plans.

1. Get the treatment you need when you need it.

An HMA is the best way to get the treatment you need, even if it comes with out-of-pocket healthcare costs. By contributing to your savings account, you can get a broader set of treatments, including those that simply improve quality of life.

2. Choose the right doctor or specialist.

If you change jobs or switch insurance providers, you can take your HMA with you. You don’t need to worry about losing the money you’ve put in—it’s yours to use with minimal restrictions.

HMAs empower people to manage wealth on their own terms.

Health Matching Accounts allow for a more informed, flexible, and financially secure approach to healthcare, especially amidst an increasingly complex healthcare landscape.

Contact Fredrick Insurance for help with your HMA.

Don’t take risks when it comes to managing your healthcare expenses. Work with an agency that understands the industry and focuses on building long-term relationships with individuals and businesses.

If you have more questions about what an HMA is or are ready to sign up, email us at or self-enroll at