Health Savings Account
What is a Health Savings Account?
BancorpSouth’s Health Savings Account (HSA) is a special account created under the tax laws which allows eligible individuals to save and pay for qualified health care expenses which 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 health care 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 health care, significant tax advantages and a new way to invest for retirement!*
What are the benefits of an HSA?
A Health Savings Account places you in more control over your health care expenses, and does not cancel when you change employers, as long as you continue to be enrolled in your HDHP. Also, the money you place into an HSA is tax deductible, the funds in your account increase tax-free, and you can make tax-free withdrawals to pay for qualified health care expenses. Withdrawals can be made free of charge with our special debit card, the Health Savings Account Card. Plus, if you don’t use all the funds in the account, they roll over to the next year – tax deferred!
Do I qualify for an HSA?
A Health Savings Account 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 by calling 1-800-794-1187.
*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.
Bank deposits are FDIC insured. Certain conditions apply. Insurance products are offered by BancorpSouth Insurance Services Inc. Insurance products are Not a deposit - Not FDIC insured - Not insured by any federal government agency - Not guaranteed by the bank - May go down in value. See Account Information Statement for a complete list of fees.
Regulation E Disclosure
Not a Deposit – No Bank Guarantee – Not insured by FDIC or other Government Agency
Not a Condition of any Bank Loan, Product or Service