Health Savings Accounts

A Health Savings Account, or HSA, is a tax-exempt account with a financial institution in which funds accumulate to pay for medical expenses. HSAs were created in response to the rising cost of health care and to give the consumer back the control of their health care costs. HSAs also give financial incentives for employers of all sizes to provide health insurance and for individual consumers to own health insurance. HSAs allow you to enjoy tax reductions while having affordable health insurance premiums.

Tax Advantages

Midland's Health Savings Accounts offer a variety of tax benefits:

  • Funds grow on a tax-deferred basis, and if the funds are used for an eligible medical expense, the funds are tax-free
  • Contributions are 100% tax-deductible
  • Funds roll over from year to year. Any funds used after age 65 may be used tax-free for eligible medical expenses. Funds used for any other reason will be taxed according to your normal tax rate.

Please consult with a professional tax advisor or legal professional for advice on tax implications.

Would you like more information about HSAs?

Please contact our Customer Service Department or call us at 316-283-1700. We'll be glad to answer your questions.