Alliance National Bank, a subsidiary of Alliance Financial Corp. in Syracuse, N.Y., announced Thursday that it will begin offering a health savings account Jan. 1.
Health savings accounts were created to help people save tax-free for medical and retiree health expenses. To be eligible to hold such an account, a person must be covered by a high-deductible health plan. Money in the account belongs to the account holder and carries over from year to year, allowing the balance to grow tax-free.
Through a nonexclusive relationship with Support Services Alliance Inc., Alliance Bank will also offer HSAs to Support Services' members and their employees throughout New York State. Support Services is a statewide membership organization that supplies products and services, including consumer-driven health plans, to small businesses.
Alliance is a nearly $1 billion-asset commercial bank that offers services through 21 branches in Cortland, Madison, Oneida, and Onondaga counties in upstate New York.
