Idaho Independent Bank (IIBK) in Boise will offer medical savings accounts to American Health Value customers.
The deal will enable American Health Value to provide tax-favored MSA accounts established by the state of Idaho to individuals, families and employer groups there, Shannon O. Stoeger, senior vice president of Idaho Independent, said in a press release.
Idaho Independent is a state-chartered commercial bank that has assets of $473 million and 11 branches.
American Health Value, also based in Boise, is a national provider of health savings accounts. It typically offers health savings accounts to consumers with high deductible health insurance plans that qualify for federal tax breaks, the company said.
Under the new partnership with Idaho Independent, American Health Value will be able to provide Idaho MSAs that offer state tax benefits. The only requirement is Idaho state residency; consumers do not need to have medical insurance to open an Idaho MSA, a spokeswoman for American Health Value said.
American Health Value will evaluate consumers' income, tax-credit options and how much they can put into an MSA account, which varies by customer, a spokeswoman for the bank said.