Pay for qualified health care expenses with pre-tax contributions through a Health Savings Account.
What Is a Health Savings Account?
A health savings account, or HSA, is a tax-advantaged plan that makes it easier to cover out-of-pocket medical expenses. With pretax contributions, you'll be able to pay for your current or future qualified health care costs.
When you combine your high-deductible health plan (HDHP) with an HSA, the money that you put in and withdraw from the account is tax-free. You'll be able to keep the account and carry over any unused funds each year.
What Can You Use an HSA for?You can use an HSA for eligible medical expenses, including:
You'll also be able to use your HSA account to pay for medical expenses for your kids and other qualified dependents. Schedule a meeting to open a Health Savings Account at a branch near you.
When you open an HSA with Midland States Bank, you'll be able to:
Contributions into the account are made pretax, and payments for qualified expenses are made without penalty.
Unused funds roll over year to year and are always yours, even if you switch jobs, become unemployed or retire.
Use your Midland HSA MasterCard® debit card to pay for qualifying medical and prescription expenses. HSA checks are also available to order.
Minimum opening balance $100
Minimum daily balance to earn interest $0.01
Monthly service charge* $0 or $3
*Knock your monthly maintenance fee down to $0 when you maintain a minimum daily balance of $1,500. Otherwise, $3.
Those that qualify are able to save the extra money they'd otherwise spend on higher premiums from lower deductible health plans in a tax-free, interest-bearing HSA. Whether you use these funds for your family's current medical expenses or to plan for the future, an HSA offers the potential for increased cost savings.
To qualify, you need to have a high-deductible health insurance plan (HDHP). You can't have any other health insurance or be claimed as a dependent on someone else's tax return, and your HDHP needs to be below the out-of-pocket maximum.
There are annual limits on the amount you can contribute to an HSA. These vary by year. In 2023, if you have individual coverage, you can contribute a maximum of $3,850. If you have family coverage, the maximum contribution allowed is $7,750.
Since our first branch opened in Effingham, Illinois, Midland States Bank has been helping individuals, businesses and corporate clients reach their financial goals. Now, as a much larger and more diverse financial services company, we have a full range of services that we will tailor to best meet your needs — and you can access these services anytime, anywhere.
Get StartedReady to set up an HSA? We'll help you get started. Schedule a meeting to open a Health Savings Account.
Some restrictions may apply. Account can be opened with a recurring direct deposit. Account is a depository instrument only. Insurance is not provided by the Bank. The interest rate and annual percentage yield (APY) may change. Interest paid is based upon the balance maintained in the account. Rates are based on tiers that are set by the Bank. The Bank may change the rate on the account at any time. Account closure fee of $40.00 when account is closed within 180 days after opening. Consult your tax advisor for tax savings. Accrual of noncash deposits – Interest begins to accrue no later than the business day the Bank receives credit for the deposit of noncash items (for example, checks).
