You value your health above all other assets. We want you to have all the protection you deserve. A Health Savings Account can help protect you financially and help you better manage the unexpected.
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Watch your money grow while it stays safe and secure.
- Receive significant tax advantages
- Receive savings on medical coverage
- Get a free Health Savings Account card
Features and Benefits
- Earn interest applied to your daily balance(14)
- Enjoy unlimited deposits
- Transfer funds automatically from checking to your HSA, using our secure Online Banking transfer service
- Get taxed-deferred rollovers if funds are not used for the year(15)
- Receive immediate access to your Health Savings Account, so you can make deposits and withdrawals toward your medical bills at any time
- Get a free Health Savings Account Card to make tax-free withdrawals for qualified health expenses
- Receive free, itemized monthly paper statements with imaged checks
- Enjoy free Online Banking
- Does not cancel when you change employers
- Gain access to your account information 24 hours a day with a quick call to our InfoLine at 1-888-797-7711
How It Works
What is a Health Savings Account?
BancorpSouth’s Health Savings Account (HSA) is a special account (created under the tax laws) that allows eligible individuals to save and pay for qualified healthcare expenses that are not covered by certain high-deductible health plans. A qualifying high-deductible health plan (HDHP) is required to open an HSA. Examples of qualified healthcare expenses are co-pays, hospital visits, prescription and certain non-prescription drugs, and some insurance premiums, such as long-term care insurance. An HSA can offer savings on medical coverage, greater control of personal healthcare, significant tax advantages and a new way to invest for retirement!(17)
Do I qualify for an HSA?
A Health Savings Account(17) could be right for you if you:
- Are covered under a high-deductible health plan (HDHP)
- Are not also covered by any other health plan that is not an HDHP (with certain exceptions for plans providing preventive care and limited types of permitted insurance and permitted coverage)
- Are not enrolled in Medicare
- Cannot be claimed as a dependent on another person’s tax return
How do I open an HSA?
You can open an HSA at any BancorpSouth location.
How do I get a high-deductible health plan (HDHP)?
The HSA allows you to choose your HDHP insurance provider; however, one of our preferred providers through our subsidiary BancorpSouth Insurance Services will be pleased to help you choose the correct policy for you:
- Stewart Sneed Hewes BancorpSouth Insurance: Alabama, Mississippi, Tennessee
- Ramsey, Krug, Farrell & Lensing: Arkansas
- Wright and Percy Insurance: Louisiana
Contact BancorpSouth Insurance Services for more information regarding the high-deductible health plan that you will need for your Health Savings Account:
- Opening deposit: $50
- Monthly requirements to waive monthly service charge:
- $3,000 minimum daily ledger balance
- Must be covered by a high-deductible health plan (HDHP)(16)
- Monthly service charge:
- Free if minimum balance is met
- $2 if balance falls below the minimum
- No transaction fee for card usage on qualified expenses
- $15 fee to reverse payment of disqualified expenses
(14)Interest is calculated based on simple interest applied to the daily collected balance. Interest is credited at statement time; however, the accrued interest is available for closing withdrawals.
(15)Contributions made for the prior year or any contributions other than “normal” must be made in a branch using the special HSA deposit ticket. Otherwise, the contribution will be credited to the current year as a normal contribution.
(16)To be eligible, the individual must be covered by a High Deductible Health Plan (HDHP), not covered by another health plan that’s not a HDHP, not enrolled in Medicare, and not eligible to be claimed as a dependent on another person’s tax return. Minimum and maximum contributions do apply.
(17)Your HSA does not cancel when you change employers as long as you continue to be enrolled in your HDHP. The HSA product provides the opportunity for long-term savings. However, meeting the minimum balance requirements in the beginning may prove difficult for those with a lot of expenses. Consult with your employer or insurance provider to determine if an HSA is right for you. Also, consult your tax advisor regarding the tax advantages of an HSA.