WATERBURY, Conn., Feb. 4 /PRNewswire-FirstCall/ -- HSA Bank(R), a division
of Webster Bank, N.A., a subsidiary of Webster Financial Corporation (NYSE:
WBS), announced today that nearly 97 percent of its more than 220,000
accountholders carried a balance forward in their health savings account (HSA)
entering 2009.
One of the key benefits an HSA has over a flexible spending account (FSA)
or health reimbursement arrangement (HRA) is the ability to roll over funds
from year-to-year. The funds that accumulate in the HSA can be used tax free
on future qualified medical expenses. Additionally, the funds can be used for
any reason after the accountholder reaches age 65; however, the funds are
taxed at the accountholder's ordinary income tax rate.
"The vast majority of HSA Bank's accountholders are utilizing their
account to get the maximum benefit. They contribute the maximum amount allowed
under IRS limits, paying for medical care received throughout the year and
saving the leftover funds for future expenses," said Kirk Hoewisch, president
of HSA Bank. "As they grow their HSA balances, they are reducing the amount of
stress that future health care costs could put on their other retirement
assets."
And the average balance of HSA Bank's accountholders is growing. The
average HSA balance that was rolled over from 2008 to 2009 was nearly $2,400,
up almost 11 percent from the previous year.
"In 2008, the average HSA balances of our customers spiked 25 percent with
the introduction of the Health Opportunity Patient Empowerment Act," Hoewisch
notes. The act enables HSA accountholders to contribute up to the maximum IRS
contribution allowed, regardless of the health plan deductible amount. "The 11
percent increase is consistent with the growth every other year prior to 2007,
which averaged 10 percent."
HSA Bank serves customers in every state in the nation and has more than
10 years of experience with health care savings accounts. HSA Bank
continuously strives to offer the best HSA product in the industry. HSA Bank
combines convenience, service and savings with low account maintenance fees,
competitive interest rates, several investment options, 24-hour account access
online or through its automated telephone system, and outstanding personal
service.
For more information about HSA Bank, visit the HSA Bank website at
www.hsabank.com.
Webster Financial Corporation is the holding company for Webster Bank,
National Association. With $17.6 billion in assets, Webster provides business
and consumer banking, mortgage, financial planning, trust and investment
services through 181 banking offices, 492 ATMs, telephone banking and the
Internet. Webster Bank owns the asset-based lending firm Webster Business
Credit Corporation, the insurance premium finance company Budget Installment
Corp., Center Capital Corporation, an equipment finance company headquartered
in Farmington, Conn., and provides health savings account trustee and
administrative services through HSA Bank, a division of Webster Bank. Member
FDIC and equal housing lender.
For more information about Webster, including past press releases and the
latest annual report, visit the Webster website at www.websteronline.com.
Media Contact:
HSA Bank: Becky Seefeldt 920-803-4151
bseefeldt@hsabank.com
Webster: Ed Steadham 203-578-2287
esteadham@websterbank.com
SOURCE Webster Financial Corporation
-0- 02/04/2009
/CONTACT: HSA Bank, Becky Seefeldt, +1-920-803-4151,
bseefeldt@hsabank.com; or Webster, Ed Steadham, +1-203-578-2287,
esteadham@websterbank.com/
/Photo: http://www.newscom.com/cgi-bin/prnh/20050421/NYTH039LOGO
http://www.newscom.com/cgi-bin/prnh/20080728/HSALOGO
http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com/
/Web Site: www.websteronline.com /
(WBS)
CO: Webster Financial Corporation; HSA Bank; Webster Bank, N.A.
ST: Connecticut
IN: FIN
SU: ECO
PR
-- NY66683 --
6683 02/04/200910:05 ESThttp://www.prnewswire.com