Community Bank, N.A. Offers Health Savings Account
December 16 2005 - 3:02PM
PR Newswire (US)
DEWITT, N.Y., Dec. 16 /PRNewswire/ -- Community Bank, N.A. and its
Pennsylvania division, First Liberty Bank and Trust, are pleased to
announce that they now offer Health Savings Accounts. Health
Savings Accounts, or HSAs, are bank accounts that were created by
Congress as part of the Medicare Prescription Drug, Improvement and
Modernization Act passed in January 2004 to help individuals pay
for current and future medical expenses with pre-tax dollars, and
possibly accumulate funds that may be used to pay for future
medical expenses tax free. Industry and government consultants are
touting HSAs as a way to make healthcare more affordable at the
same time businesses and individuals are looking to reduce these
rapidly rising expenses. HSAs are federally tax-exempt and are used
to pay for qualified medical expenses. Employers, employees, or
both can contribute to the account on a pre-tax basis and funds can
be rolled over from year to year unlike more familiar flexible
spending accounts. And since HSAs are owned by the individual, they
are portable and can be taken with them should they change jobs.
Customers for HSAs are generally small business owners or
self-employed individuals and their families who have High
Deductible Health plans, or employees of businesses which offer
High Deductible Health Savings Plan options, and who wish to make
HSA deposits and access healthcare dollars at a local bank. High
Deductible Health plans are available from many insurers and are
sold by brokers and independent insurance agents as well as the
companies own Community Investment Services, Inc. financial
consultants which operate within the bank's branch offices by
appointment. "Our account is very attractive in that our customers
will have our 100 local Community Bank, N.A. branches in Northern,
Finger Lakes, Southern Tier and Western New York, and 29 First
Liberty Bank & Trust branches in Northeastern Pennsylvania to
open their accounts, make deposits and access healthcare dollars
through use of a free debit card and checking account with no
monthly fee or minimum balance service charges," stated Steven C.
Byington, Vice President/Marketing Manager. "There are no annual
fees, only a low $30 one-time set up fee," he continued. "And our
knowledgeable, healthcare licensed financial consultants can help
answer customer questions and open the High Deductible Health
Insurance through well-known insurance providers as well." For more
information about HSAs, please visit the bank's website at
http://www.communitybankna.com/ in New York, or
http://www.firstlibertybank.com/ in Pennsylvania. Community Bank,
N.A. and its Pennsylvania division, First Liberty Bank & Trust
have a combined $4.2 billion in assets and are part of the
Community Bank System, Inc. registered bank holding company based
in DeWitt, NY, listed on the New York Stock Exchange under the
symbol CBU. DATASOURCE: Community Bank, N.A. CONTACT: Steve
Byington, Vice President, Marketing Manager, +1-315-445-7314 Web
site: http://www.communitybankna.com/
http://www.firstlibertybank.com/
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