Individuals and businesses alike understand the need to proactively manage two of their most pressing costs – health care expenses and tax liability. A MidWestOne Bank Health Savings Account (HSA) may be the solution for you. A tax advantaged FDIC-insured account, an HSA is an attractive option for consumers who subscribe to a High Deductible Health Plan (HDHP) and for employers who offer these plans.
A Health Savings Account, or HSA, can help you pay for qualified medical expenses and combat increases in health insurance costs. There are tax advantages, and contributions may be made by you, your employer, or anyone else, up to your maximum contribution limit. Watch this video to learn more about how an HSA works.
*Subject to IRS requirements. Consult your tax advisor for more information.
After opening an account, you and your employer can both make contributions to the HSA. Contributions can also be made on behalf of an individual, such as a family member, as long as the individual meets the HSA qualifications. When a qualified medical payment is due, you can pay for it with the accumulated funds in your HSA account. Use your HSA Visa® Check Card or write a check from your account. You must maintain proof of the qualified medical expense. You can choose to not use your HSA account for qualified medical expenses and watch the balance grow for future needs.
We offer unrestricted access to your account. That means you can utilize your HSA Visa® Check Card, withdraw funds in person at a MidWestOne Bank location or any ATM, write checks from your account, or utilize our online bill pay service.
There is no minimum balance required to open the account. The account will be assessed a monthly service charge of $2.00. External Transfer Fee - $25.00; Closure of Account within 6 months of opening - $25.00; Excess Contribution Maintenance - $15.00; Monthly Paper Statement Fee - $3.00. Online Secure eStatements - FREE. Online Banking - FREE. Online Bill Pay - FREE. HSA Visa Check Card - No issuance fee. The account can be opened online or at any MidWestOne Bank location. See our Schedule of Fees for a complete list of possible fees.