Bank of New Hampshire, a division of Banknorth in Portland, Maine, said Wednesday that it will begin offering health savings accounts Jan. 3.
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People covered by qualified high-deductible health plans may open an HSA as a way to save and pay for qualified medical expenses with tax-exempt funds.
Contributions to an HSA are tax deductible and are exempt from federal and Social Security taxes, as are earnings and distributions, when used to pay for qualified medical expenses. Unused funds carry over each year and can accumulate over a lifetime and be withdrawn without penalty for any purpose at age 65.
