Health Savings Account

HEALTH SAVINGS ACCOUNT
A Health Savings Account is a tax-exempt trust or custodial account established for the purpose of paying medical expenses in conjunction with a high-deductible health care plan.

You are eligible for a regular HSA contribution if, with respect to any month, you:

  • Are covered under a high-deductible health plan (HDHP) on the first day of such month;
  • Are not also covered by any other health plan that is not an HDHP (with certain exceptions for plans providing preventive care and limited type of permitted insurance and permitted coverage);
  • Are not enrolled in Medicare; and
  • Cannot be claimed as a dependent on another individual's tax return.

  • If you are eligible, you can establish an HSA in much the same way you would establish an IRA - with a qualified trustee or custodian. Each year, you are responsible for determining your allowable annual HSA contribution and whether you have qualified medical expenses eligible for reimbursement with nontaxable HSA distributions.

    If you meet the eligibility requirements for an HSA, you, your employer, your family members and any other person (including nonindividuals) may contribute to your HSA. This is true whether you are self-employed or unemployed.

    Health Coverage Benefits: Savings can be used for any qualified medical expenses - even those not typically covered by your plans.

    Tax-Benefits: Contributions to the HSA are 100% tax deductible.

    Benefits Carry Forward: Unused savings, or earning, can be used in future years.

    Check with your insurance agent, or tax preparer, for details on qualified HSA Plans. 

    To establish your Health Savings Account, just come in and talk with us!

    FIRST LIBERTY NATIONAL BANK with two locations to serve you:

    Liberty Financial Center
    1900 Sam Houston
    Liberty, Tx 77575
    936-336-6471

    Dayton Financial Center
    109 East Hwy 90
    Dayton, Tx 77535
    936-257-9700


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