A smarter way to pay for qualified medical expenses
Save for medical expenses — tax-advantaged1, flexible, yours.
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Why choose a Midstates HSA?
Tax Advantages
Contribute pre‑tax, grow, and withdraw tax‑free for eligible expenses.
Flexible Access
Use a debit card or reimburse yourself later — funds roll over year to year.
Yours to Keep
Your account stays with you even if you change jobs.
How It Works
1
Enroll in a qualified HDHP.
To be eligible, you must be covered by a high-deductible health plan.
2
Open and fund your HSA.
Contribute through payroll deductions or direct deposits.
3
Use your HSA for qualified expenses.2,3
Pay for doctor visits, prescriptions, dental care, and more.
Frequently asked questions
Who is eligible to open an HSA?
Anyone enrolled in a qualified HDHP that meets specific requirements for the year. You are not eligible to contribute to a Health Savings Account if:
- You are covered by another health plan that is not a qualified High Deductible Health Plan (HDHP), including a general-purpose Health FSA or HRA.
- You are enrolled in Medicare (including Part A).
- You can be claimed as a dependent on someone else’s tax return.
- You are under age 18.
What can I use my HSA for?
You can use it for qualified medical expenses like doctor visits, prescriptions, dental, and vision care. Keep receipts and consult IRS Publication 502 for details.2,3
What happens to unused funds?
Funds roll over year to year — there is no "use it or lose it" rule for HSAs.
Are there contribution limits?
The HSA contribution limits for 2026 are $4,400 for self-only coverage and $8,750 for family coverage. Those 55 and older who are not enrolled in Medicare can contribute an additional $1,000 as a catch-up contribution. Please consult your tax advisor regarding your personal situation, including state-specific rules.
1 Consult your tax advisor regarding the tax advantages of a Health Savings Account.
2 The Internal Revenue Service publishes a list of qualified expenses in Publication 502, Medical and Dental Expenses available at IRS.
3 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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