H.S.A. Health Savings Account Questions and Answers - MidCountry Bank

Health Savings Accounts FAQs

Learn About Managing Your Health Expenses With An HSA

What is a Health Savings Account (HSA)

Health Savings Accounts are savings accounts that allow individuals to pay for qualified out-of-pocket medical expenses using pre-tax dollars.
Unlike more traditional health care accounts, the funds in an HSA belong to the individual, not the employer or the insurance company, and travel with the individual. In order to take advantage of this tax deferred savings new benefit, individuals must purchase a specific type of health insurance coverage called a High Deductible Health Plan (HDHP).Learn more at our HSA Resource Center. Learn more about your Insurance options

What is an HDHP?

An HDHP is a different type of health plan. Under an HDHP individuals are covered for large expenses and pay for their day-to-day expenses, usually up to the amount of the deductible. In order to meet the requirements an HDHP must have a deductible of at least $1,300 for individuals or $2,600 for families (based on the 2017 IRS limits) plus certain total out-of-pocket expense maximums. Learn more at our HSA Resource Center.

How do employers benefit?

By moving to a high deductible health care plan, employers and employees will become more involved in their healthcare decision making. Employers also stand to save money as the premiums on high deductible plans are often much lower than more traditional health plans. Click here to see an example.

Additionally, properly structured HSA contributions are considered employer provided health coverage and excludable from your corporate gross income, not subject to withholding and other employment taxes. Learn more at our HSA Resource Center

How do employees benefit?

HSAs are analogous to medical IRAs, providing employees with an account from which they can control their medical expenses. Learn more at our HSA Resource Center

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