FIRST STATE BANK HEALTH SAVINGS ACCOUNTS
Set Aside Funds to Cover Future Health Expenses
Invest in Your Wellness
At First State Bank, we understand that good health is the greatest wealth there is. Even if you’ve got a clear bill of health, having a Health Savings Account from First State Bank is an easy way to invest in your wellness—plus it keeps you from having to pay taxes on qualifying personal or family-related health care expenses.
As an added bonus, your Health Savings Account’s funds roll over each year and can be used at any time. However, if you withdraw money for non-medical expenses, the funds are subject to IRS rules and regulations.
There’s only a $100 deposit required to open a Health Savings account.
Requirements for FSB’s Health Savings Accounts
While our Health Savings Accounts grant tax advantages to offset health care expenses and begin earning interest once the account balance reaches $1,000 you must:
- HAVE A HIGH-DEDUCTIBLE HEALTH INSURANCE PLAN
- NOT BE ENROLLED IN MEDICARE
- NOT HAVE COVERAGE FROM ANOTHER HEALTH INSURANCE PLAN
- ENSURE NO ONE LISTS YOU AS A DEPENDENT ON HIS OR HER TAX RETURN
If you qualify for a Health Savings Account, the funds you contribute to the account are not subject to income tax and may be used to pay for qualified health care at any time without tax liability. To learn more about the requirements of opening a Health Savings Account, we encourage you to stop by or call the First State Bank location nearest you. You may also reach us by calling our main line at (940) 665-1711.