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Personal Savings

Pay for qualified health care expenses with pre-tax contributions through a Health Savings Account.

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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.

HSA decorative iconWhat Can You Use an HSA for?

You can use an HSA for eligible medical expenses, including:

  • Office visit copayments.
  • Hospital bills.
  • First aid supplies like bandages or health monitoring equipment.
  • Over-the-counter drugs and prescription medications.
  • Dental care.
  • Vision care, including eye exams, contacts and eyeglasses.
  • Maternity and fertility services.
  • Physical therapy.
  • Therapy or drug addiction treatment.
  • X-rays.
  • Complementary treatments, such as chiropractic therapy.

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.

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Why Open an HSA With Midland States Bank? 

When you open an HSA with Midland States Bank, you'll be able to:

  • Conveniently and quickly open an account with a knowledgeable Personal Banker
  • Get connected with HSA services that fit your specific needs.
  • Work alongside our expert staff
  • Bank on your terms with digital services including smart watch banking, Alexa voice banking and e-statements.
  • Receive world-class service from start to finish.
Features and Benefits

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Contributions into the account are made pretax, and payments for qualified expenses are made without penalty.

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It’s yours to keep

Unused funds roll over year to year and are always yours, even if you switch jobs, become unemployed or retire.

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Convenient access

Use your Midland HSA MasterCard® debit card to pay for qualifying medical and prescription expenses. HSA checks are also available to order.

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Health Savings Account (HSA) Information


$0 per month when qualifications are met*

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.

Frequently Asked Questions About HSAs

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.

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About Midland States Bank

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.

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With a Midland HSA, you can always expect...

  • FDIC insured up to the maximum coverage allowed.
  • Free online, mobile and touch-tone phone banking.
  • Secure online statements.
  • Faster access to your money with direct deposit.

orange logo with cursor on it and white cubes floating around itGet Started

Ready to set up an HSA? We'll help you get started. Schedule a meeting to open a Health Savings Account.

Make an Appointment

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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).