Community Bank, N.A. Offers Health Savings Account

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,

[phone] 



Web site:  http://www.communitybankna.com/

http://www.firstlibertybank.com/ 

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