Health Savings Account Houston Texas

Houston, TX Health Savings Account Information

The Health Savings Account replaced Medical Savings

Accounts on January 1, 2004. All Americans under the age of

65, regardless of their employment status, now qualify for a

Health Savings Account Insurance.

To be eligible for a Health Savings Account, you must purchase

a health insurance plan with annual deductibles of at least

$1,200 for a single person or $2,400 for a family. Also, the sum

of the annual deductible and the other annual out-of-pocket

expenses required to be paid under the plan (other than

premiums) can not exceed $5,950 for individuals and $11,900

for families. These are 2011 guidelines.

You, or your employer, can fund a Health Savings Account

with an amount equal to the deductible and the money can be

used to pay health care expenses. If the money is not needed,

the money can be invested. All money going in a Health

Savings Account is pre-tax dollars and withdrawals for health

care, including dental services, are tax-free. Withdrawals can

also be made for non-medical purposes, but will be taxed as

normal income and are subject to a 10% penalty if done prior to

age 65.

Local Houston, Texas area insurance agents offering health savings accounts in the following cities
and counties: Pasadena, Deer Park, Pearland, Galena Park, Jacinto City, La Porte, Bellaire, West
University Place, North Houston, Cloverleaf, Beaumont Place, Spring Valley, South Houston, Hilshire
Village, Humble, Houmont Park, Friendswood, League City, Alvin, Mission Bend, Sugar Land,
Stafford, Missouri City, Texas City, Webster, Dickinson, Baytown, Channelview, Highlands, Seabrook,
Bacliff, La Marque, Jersey Village, Town West, Westfield, Kingwood, Spring, The Woodlands, Liberty,
Conroe, Tomball, Hempstead, Galveston, Crystal Beach, Lake Jackson, Algoa, Santa Fe, Juliff,
Arcola, Needville, Katy, Dayton, Angleton, Beaumont, Port Arthur, Bammel, Kohrville, Manvel, Bay
City, Beasley, Rosenberg, Richmond, Orchard, Fulshear, Brenham, Addicks, Brookshire, San Felipe,
Hockley, Prairie View, New Caney, Beach City, Nassau Bay, Harris County, Fort Bend County,
Brazoria County, Galveston County, Montgomery County, and Liberty County, TX.

No. Funds in a Health Savings Account are held in a trust and are administered by a bank,
insurance company, or other approved Trustee. You decide how your contributions are
invested in a Health Savings Account. Usually you will have the options listed below available.

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only provided for informational purposes. Any decisions regarding your insurance needs should be
discussed with a licensed insurance agent.

Is a Health Savings Account insured by the federal government?

How much can I contribute to a Health Savings Account
each year?

What are qualified medical expenses?

What are the tax savings in a Health Savings Account?

How do I use the funds in a Health Savings Account?

Is a Health Savings Account insured by the federal
government?

Can I pay my health insurance plan premiums from a Health
Savings Account?

How much can I contribute to a Health Savings Account each year?

You can contribute up to the annual deductible amount on your health
insurance plan each year, but the amount can't exceed $3,050 for an
individual or $6,150 for a family. These maximum amounts are for
2011 and will be adjusted each year.

If you are between the ages of 55 and 65, you can make an additional
annual "catch up" contribution, too.

Return to "Questions about Health Savings Accounts"

What are qualified medical expenses in a Health Savings Account?

A Texas Health Savings Account can be used to pay for many types of medical expenses,
even some that are often excluded on health insurance plans. These include the following:

Health insurance plan deductibles, copayments, and coinsurance

Prescription and over-the-counter drugs

Dental Services: including braces, bridges, and crowns

Vision Care: including glasses and lasik eye surgery

Psychiatric and certain psychological treatments

Long term care services

Medically related transportation and lodging

Return to "Questions about Health Savings Accounts"

Questions About Health Savings Accounts

Can I pay my health insurance plan premiums from a Health Savings Account?

Under most circumstances, Health Savings Accounts can't be used to pay health
insurance premiums. However, some exceptions are listed below. **

Health insurance premiums if you are receiving federal or state unemployment
benefits

Premiums for COBRA qualified health insurance

Long term care insurance premiums

Premiums for a health plan (other than a Medicare supplemental policy) for an
individual age 65 or older

**You must establish a Health Savings Account before incurring any medical expenses
or the expenses will not qualify.

Return to "Questions about Health Savings Accounts"

What are the tax savings in a Health Savings Account?

You will be sent at the end of each year a statement showing the amount you contributed
to your Health Savings Account during that year. As long as the amount contributed is less
than or equal to the maximum allowable contribution, that amount is an "above the line"
deduction and can be taken even if you do not itemize.

If you are self-employed, in addition to deducting your Health Savings Account
contributions, you may also be able to deduct 100% of your health insurance premiums.
You must meet the criteria listed below.

1. You are not eligible to participate in a subsidized health plan offered by an employer or
your spouse's employer.

2. The deduction does exceed the amount of net income from your business.

Return to "Questions about Health Savings Accounts"

How do I use the funds in a Health Savings Account?

Most Health Savings Accounts will provide you with a checkbook or debit card to pay
for qualified medical expenses.

1. You don't need to get approval from the Health Savings Account administrator
when you use funds in your account.

2. You don't need to submit receipts to the Health Savings Account administrator,
though you will need to maintain the receipts for filling out your income taxes properly.

Return to "Questions about Health Savings Accounts"

Interest-Bearing Account

CD's

Money Market Funds

Mutual Funds

Return to "Questions about Health Savings Accounts"

Click on the link below to fill out a secure quote request form for
a Texas Health Savings Account that offers significant tax free
benefits for qualified medical expenses. An insurance agent in
the Houston, TX area will contact you.

Click here to fill out a

Houston, TX area

Health Savings Account

quote request form