All About HSAs

Health Savings Accounts - A great way to control your health care dollars.

There has never been a better time to open a Health Savings Account (HSA) through Westfield Bank. HSAs let you pay lower taxes and keep more money in your account to cover medical bills. A Health Savings Account, or HSA, is a tax-exempt account with a financial institution in which funds accumulate to pay for medical expenses. They were created in response to the rising cost of health care and to give the consumer back the control of their health care costs. HSAs also give financial incentives for employers of all sizes to provide health insurance and for individual consumers to own health insurance. HSAs allow you to enjoy tax reductions while having affordable health insurance premiums.

Westfield Bank is excited to announce that it has partnered with HealthEquity, an industry leader in administering Health Savings Accounts (HSAs). HealthEquity was carefully selected as the best solution to provide the exceptional level of service you have been accustomed to with Westfield Bank, as well as their ability to offer enhancements to our current HSA product. Westfield Bank remains the custodian of all HSA accounts and the funds remain on deposit at Westfield Bank. The servicing and administration will be converted to the new HealthEquity platform effective August 1, 2007.