Health Savings Account
Like an IRA for Health expenses!
HSAs allow individuals with qualified high-deductible health care plans to save on taxes by setting aside interest-earning funds that can be used at the account owner's discretion for qualified health care expenses. In addition, the balance within the HSA rolls over year after year, so unlike Flexible Spending Accounts, it does not have to be used fully in a single year—think of it as an IRA for health care expenses!
Employers with qualified high-deductible health care plans can fund HSAs for their employees and, in effect, may be able to provide them with 100 percent health care coverage. Employers and employees may both contribute to HSAs.
Renasant HSA Checking
Renasant HSA Checking is the ideal complement to your High Deductible Health Plan (HDHP). It lets you invest your health care dollars wisely to cover current and future medical/health expenses.
With Renasant HSA Checking
- Deposits for qualified medical expenses are tax-deductible
- Withdrawals for qualified medical expenses are tax-free
- Interest earned each month is tax-deferred
- Unspent balances carry over from year-to-year
HSA Account Features
- $50 Minimum Opening Deposit
- Monthly Maintenance Fee waived with eStatements or minimum balance of $500 or more. Otherwise, $7.50 per month
- Maximum Annual Contributions for 2019: Individual coverage - $3,500; Family coverage - $7,000
- If you are 55 years of age or older, you may make one $1,000 catch-up contribution per year.
- Complimentary Renasant HSA Debit Mastercard
- Free Online Banking with Online Bill Pay
- Health Savings Accounts are portable, meaning they go with you if you change jobs.
Making Deposits
- You can make deposits at any time.
- Make deposits in any amount you wish, up to the amount of your HDHP deductible, provided you do not exceed the maximum annual contribution limits.
- Monthly HSA Checking statements detail your activity.
Making Withdrawals
- You can pay for qualified medical expenses using checks.
- You can use your Renasant HSA Debit Card, just as you would your regular debit card, to pay for qualified medical/health expenses.
- A second debit card is available upon request for accounts with any additional authorized signers.
Managing your HSA Account
To help you track transactions, your monthly HSA Checking statements will display:
- Records of your activity
- Images of your check fronts
- Access electronic copies of your statements.
- View your account activity.
- Transfer funds from another Renasant account.
- Download the Renasant Mobile Banking app for your smartphone or tablet.
You must meet certain requirements defined by the Internal Revenue Service to be eligible to open and receive the benefits of a Health Savings Account. For more detailed information on HSA plans, eligibility, and taxes, check the Related Sources below or talk with your tax advisor.
