Texas Gulf Bank offers personal banking customers the ability to open a Health Savings Account in Houston or one of our Gulf Coast locations, to help save for future health expenses tax-free when you have a high-deductible health plan.
What is a Health Savings Account?
Available to Texas Gulf Bank customers in Houston and Brazoria County, a Health Savings Account is a tax-advantaged medical savings account. It is available to US taxpayers who have high deductible health plans, which typically cover only catastrophic illness expenses. Funds deposited in the Health Savings Account at Houston and Gulf Coast branches are not subject to federal income tax when deposited. Routine medical expenses are covered by the individual, in an effort to keep medical insurance premiums manageable and provide the consumer with more control over the medical care received.
Qualified medical expenses (most medical care and services, dental and vision care and prescription drugs) are paid directly from the Health Savings Account. Unused funds in your Texas Gulf Bank Health Savings Account (also known as an HSA) roll over from year to year, so you never lose your tax-free investment. Consult your tax advisor for how a HSA might benefit you, depending on your particular situation.
Want more information about Health Savings Account in Houston or Brazoria County? Contact your Texas Gulf Bank local branch and ask about how to start your Health Savings Account today. Contact us on-line for answers to questions you may have about how a Health Savings Account works.