A smarter way to pay for qualified medical expenses
Medical expenses can feel overwhelming, but a Health Savings Account (HSA) offers a way to take control. Save for doctor visits, dental care, vision needs and prescriptions, all while enjoying tax advantages.
Connect with an HSA Specialist
Benefits of a Health Savings Account (HSA)
- Qualifying plans typically have lower premiums.
- Reduce your taxable income.1
- Take distributions tax-free for eligible medical expenses.2
- Your HSA balance rolls over every year.
- The account is yours even if you change jobs, insurance plans, or retire.
- Not just for employer-offered healthcare benefits, self-employed can own HSAs, too.
We make it simple. Contact an HSA Specialist or call us at 1-888-710-9070.
Learn how an HSA can help you
Use for medical expenses now
Investing in your future health can be one of the smartest financial decisions you make today. An HSA is a flexible account that offers Triple Tax Benefits1 while you prepare for medical expenses down the line.
- Tax deductible contributions
- Tax-free growth
- Tax-free withdrawals for qualified medical expenses.
Whether you're just starting your career or thinking ahead, an HSA can align with your goals.
Save for retirement later
Unlike traditional IRA accounts, an HSA does not impose Required Minimum Distributions once you hit 72, allowing you to control your savings.
After turning 65, you have the flexibility to withdraw funds for any purpose, subject to ordinary income tax.
This means more control over your financial future and the potential to better align your retirement strategy with your lifestyle goals.
Future Savings Calculator
Estimate how much you'll be saving with your HSA dollars and in taxes for retirement.
1 Consult your tax advisor regarding the tax advantages of a Health Savings Account.
2 If an HSA distribution is not used for a Qualified Medical Expense, the distribution amount will be included in income and a 20% penalty will be assessed. This penalty is waived upon death, disability or attaining age 65.
2 If an HSA distribution is not used for a Qualified Medical Expense, the distribution amount will be included in income and a 20% penalty will be assessed. This penalty is waived upon death, disability or attaining age 65.
Midstates Bank is a full-service financial institution with branches throughout western Iowa.
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