Which account is designed for individuals to pay medical expenses not covered by insurance, including savings components?

The correct choice for an account designed for individuals to pay medical expenses not covered by insurance, while also incorporating a savings component, is a Medical Savings Account (MSA).

Medical Savings Accounts are specifically developed to allow individuals to set aside money on a tax-exempt basis to pay for medical expenses that their insurance might not cover. They are typically linked to high-deductible health plans and allow for contributions that can be used for out-of-pocket expenses, making them particularly attractive for people seeking to manage healthcare costs effectively.

While other accounts like Health Savings Accounts (HSA) and Flexible Spending Accounts (FSA) offer similar benefits, each has distinct rules and limitations. HSAs, for instance, also allow for the accumulation of funds and have contributions limits, whereas FSAs are usually "use it or lose it" accounts that don't roll over and are primarily employer-sponsored. A Retirement Health Account (RHA) is not widely recognized and is not focused on current medical expenses.

Thus, when considering the specific criteria of a savings component for medical expenses not covered by insurance, a Medical Savings Account is the most fitting choice.