Save for Medical Expenses with a Health Savings Account
Now, you can pay qualified medical expenses1with a Health Savings Account (HSA) from PlainsCapital Bank. With this account, you can make tax-deductible contributions and use the funds to pay for medical expenses – including doctor visits, prescriptions, and vision and dental expenses – for you, your spouse, and your dependents.
With an HSA, you can deposit money into an interest-bearing account and deduct the contribution on your tax return. There is no deadline for when you have to spend the money. You can roll over the funds each year and use them when you need them. In addition, the account offers the following benefits:
- Tax-free withdrawals when funds are used for qualified medical expenses
- Earn interest on any balance
- HSA-branded debit card2
- Monthly statements or eStatements
- One box of checks annually at no charge
- Online Banking
You can open an HSA at any PlainsCapital Bank location. While there is no minimum balance requirement, $100 is needed to open the account. A $3 monthly fee also applies. To qualify for an HSA and receive all the benefits, you:
- Must be covered by a High Deductible Health Plan (HDHP)
- Cannot be enrolled in Medicare
- Cannot be claimed as a dependent on a federal tax return
- Must follow these 2019 annual contribution limits:
- Self: $3,500; for those 55 and older: $4,500
- Family: $7,000; for those 55 and older: $8,000
1If HSA money is used for anything other than a qualified medical expense, the money used is taxable and will also be penalized an additional 10 percent.
2The debit card transactions will not be authorized in restaurants, bars, hotels, or gambling venues. You can make a withdrawal from your PlainsCapital Bank Health Savings Account via check, debit card transaction, or ATM withdrawal. Cash withdrawals can be completed at any PlainsCapital Bank location.