Banknorth Massachusetts Introduces New Health Savings Account.WORCESTER, Mass. -- Banknorth Massachusetts is one of the first New England banks to offer this new tax-advantaged medical savings and investment option Banknorth Massachusetts, a division of Banknorth, N.A., today announced that it will begin opening Health Savings Accounts (HSAs) for customers on January 3, 2005. Banknorth Massachusetts is one of the first New England financial institutions to offer HSAs, which give consumers a valuable new option for managing medical expenses. People covered by qualified high-deductible health plans (HDHPs) may open an HSA HSA Health Savings Account (US) HSA Human Serum Albumin HSA Human Services Agency (Nevada) HSA Health Services Agency HSA Health and Safety Authority (Ireland) as a way to save and pay for qualified medical expenses, as disclosed by the IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. , with tax-free funds. Contributions to an HSA are tax deductible and are exempt from federal and Social Security taxes, as are earnings and distributions, when used to pay for qualified medical expenses. Any unused funds carry over each year, and can accumulate over a lifetime and be withdrawn without penalty for any purpose at age 65. Accounts are individual and portable, much like an IRA Ira, in the Bible Ira (ī`rə), in the Bible. 1 Chief officer of David. 2, 3 Two of David's guard. IRA, abbreviation IRA. , and employers and employees may make simultaneous contributions. "The Health Savings Account is an innovative, new healthcare option for individuals, families and employers, and we look forward to working with our customers to help them take advantage of this great savings and investment opportunity," said Christopher W. Bramley, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Banknorth Massachusetts. "Unlike other medical spending accounts, the HSA gives people more control over how they spend and invest their medical reimbursement funds, and since funds carry over each year, there are no 'use it or lose it' restrictions." As a financial services company with expertise in both banking and insurance, Banknorth Massachusetts is a good choice for anyone considering an HSA. Dedicated Direct Banking HSA specialists are available at 800-597-4437 to answer questions and to help with enrollment. Information is available at all Banknorth Massachusetts branches, and customers will be able to open and begin funding their HSAs beginning on January 3, 2005. A $25 minimum deposit, along with current enrollment in a qualified HDHP HDHP High Deductible Health Plan , is all that's required to open a Banknorth Massachusetts HSA. Customers can access their Banknorth Massachusetts HSA account with free unlimited check writing and a Banknorth Massachusetts VISA(R) Debit Card debit card, card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser's checking account. They can also be used at automated teller machines for withdrawing cash from the user's checking account. with no annual fee. Free Online Banking also allows customers to view transactions, balances and check images for their HSA. A one-time set-up fee of $15 is applicable for opening a new Banknorth Massachusetts HSA, and the monthly maintenance fee is waived when a minimum daily balance of $1,000 is maintained or with a minimum $50 monthly direct deposit. Customers should check with their tax advisor to determine eligibility for tax deductibility. HSA funds are subject to normal income tax if not used for qualified medical expenses. Banknorth Group, Inc. (NYSE NYSE See: New York Stock Exchange : BNK BNK Bangkok BNK Bundesverband Niedergelassener Kardiologen eV BNK Banking ), based in Portland, Maine, has $29 billion in assets and is the largest retail and commercial banking company headquartered in New England. The company was named the Best Managed Bank in America by Forbes Magazine in 2004. Through its banking subsidiary, Banknorth, N.A., the company operates Banknorth Massachusetts, Banknorth Connecticut, Banknorth Vermont, Bank of New Hampshire, Peoples Heritage Bank in Maine and Evergreen Bank serving upstate New York Upstate New York is the region of New York State north of the core of the New York metropolitan area. It has a population of 7,121,911 out of New York State's total 18,976,457. Were it an independent state, it would be ranked 13th by population. . Combined, these Banknorth banking divisions represent over 380 branches and more than 540 Banknorth ATMs across New England and upstate New York. Banknorth also operates subsidiaries and divisions in insurance, investments, merchant services, mortgage banking, leasing and other financial services. More information on Banknorth is available at Banknorth.com. Investment and insurance products: not a deposit; not FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). insured; not insured by any federal government agency; not guaranteed by the bank or any affiliate; and, may be subject to investment risk, including possible loss of value. Insurance products are offered through Banknorth, N.A., Banknorth Insurance Group or their state-licensed agency subsidiaries. Securities and insurance products available through Bancnorth Investment Planning Group are provided by PrimeVest Financial Services, Inc., an independent registered broker/dealer. Member SIPC (Simply Interactive PC) An earlier umbrella term from Microsoft and Intel for a PC that works like a home appliance. For example, it has a sealed case, uses external connectors for expansion and boots in just a couple of seconds. . Bank deposits FDIC insured. VISA(R) is a registered trademark of VISA International. |
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