Centric Bank > Business Banking > Health Savings Accounts



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Small businesses have been the hardest hit by the increase in health insurance costs, and there seems to be little an owner can do. Health Savings Accounts (HSAs) give the small business a sensible method to offer high-quality health care coverage at a reasonable price.

HSAs are portable, tax-advantaged accounts that can be likened to a medical IRA: unused money is rolled over from year to year, growing through interest earnings and it can be used to pay for a variety of health and wellness related products and services without the disadvantage of a "use it or lose it" policy.

HSA-eligible health plans dramatically reduce healthcare costs for US business, with some studies citing costs that are 20% - 30% lower* than average insurance premiums. Part of these savings should be used to provide the employee with a recurring contribution to their HSA representing a portion of their deductible. This practice allows the employer to recognize significant cost savings while reducing the out-of-pocket healthcare cost risk and providing a portable pool of healthcare funds managed directly by the employee.

Great Centric Bank HSA Features
Unlimited Check Writing	Free Telephone Banking
Free HSA Checks	Free Internet Banking
Free Debit Card	Free Internet Bill-Pay

Centric Bank offers a full-featured account which includes free checks with unlimited check writing, a free Debit Card, free internet banking, and monthly interest earnings from the very first deposit.

BALANCE	INTEREST RATE	APY
Below $5,000.00	0.10%	0.10%
$5001.00 - $10,000.00	0.40%	0.40%
$10,000.00 and Above	0.75%	0.75%
APY = Annual Percentage Yield. Annual service charge may apply to account. Contact your local branch for details. Interest rates accurate as of 07/02/2010.

Centric Bank was the first Harrisburg-area bank to offer Health Savings Accounts, and we have the expertise and experience to help you transition to offering HSAs to your employees. In addition, our in-house insurance agency can assist you with determining if HSAs are a good match for you and your business, and they will help you to obtain the appropriate health insurance to work for you.

For more information on our Health Savings Account program, contact your local branch!

All interest rates are accurate as of listed dates.
Changes may occur at any time and without warning.
Interest rates are updated as soon as possible when changes occur.
Fees could reduce earning on depository accounts where applicable.

*Source: "AHIP HSAs and Account-Based Plans," 06/2006