The function of MSA(Medical Saving Account) has been disputed by scholars worldwide since MSA policy was initiated.Using the Nanjing panel data,this article examines the relationship between outpatients MSAs and medical expenditures with the unbalanced fixed-effect model,further adjusting robust and clusters.The result shows that MSA does play a role in containing medical expenditures while helping people as needed.For retirees in particular,more MSA funds are utilized for people with higher medical demand while more being accumulated for those with lower demand.It can be concluded that the effect of MSA seems to be consistent with the intended policy goal
