HSAs
You value your health above all other assets. We want you to have all the protection you deserve. A Health Savings Account may help protect you financially and help you better manage the unexpected.
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Financial Goals
Earn Interest
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- Receive significant tax advantages
- Receive savings on medical coverage
- Get a Health Savings Account card at no additional charge
See Individual HSA details
- Earn interest applied to your daily balance1
- Tax-deductible
- Enjoy unlimited deposits3
- 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 year2
- Receive immediate access to your Health Savings Account, so you can make deposits and withdrawals toward your medical bills at any time
- Get a complimentary Health Savings Account Card to make tax-free withdrawals for qualified health expenses
- Receive itemized monthly online or paper statements with imaged checks at no additional charge
- Enjoy complimentary Online Banking
- Does not cancel when you change employers
Requirements
- Opening deposit: $50
- Monthly requirements to waive monthly fee:
- $3,000 minimum daily ledger balance
- Must be covered by a high-deductible health plan (HDHP)3
Fees
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Monthly fee:
- $2 monthly fee if balance falls below $3,000 daily ledger balance
Transactions Fees
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No transaction fee for card usage on qualified expenses
- $15 fee to reverse payment of disqualified expenses
How it Works Get the answers you need
What is a Health Savings Account?
Cadence Bank’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!4
Do I qualify for an HSA?
A Health Savings Account4 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?
Other Savings Accounts to consider.
1Interest 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.
2Contributions 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.
3To 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.
4Your 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.
