Centier Bank Launches New Health Savings Accounts

Centier Bank Launches New Health Savings Accounts

Centier Bank announced the launch of a new Health Savings Account (HSA) in its suite of banking products to help individuals as well as companies maximize savings when it comes to health and medical costs. The Centier Bank HSA, powered by Lively, the company known for the modern HSA, is an account specifically for medical costs that helps consumers save for the needs of today and tomorrow.

An HSA is an interest-bearing account used for qualifying medical expenses, with the Internal Revenue Service’s maximum contribution limits set annually. The HSA is designed to be paired with a qualifying high-deductible health plan (HDHP), traditionally known for lower premiums and high-deductibles. A qualifying HDHP has a minimum deductible and out-of-pocket maximum that is set annually by the IRS.

The Centier Bank HSA, powered by Lively is currently available to individuals and employers. Individuals who are enrolled in a high deductible health plan can set up pre-tax contributions from their bank accounts. And employers can offer these triple-tax advantaged accounts as a key benefit for employee wellness and retention, while reducing their payroll taxes at the same time.

Randy Shephard, Senior Vice President of Retail Sales at Centier Bank, said he is excited about debuting the new HSA to clients to meet them where they are in their financial journey and help maximize their savings.

“Health Savings Accounts are a popular option for those who are strategic about their savings,” Shephard said. “Anytime the opportunity to use pre-tax funds to allocate toward expenses arises, folks should take it.”

Rising healthcare costs, combined with the effects of the pandemic, have underscored the importance of being prepared for unexpected expenses. Today, 70% of Americans rank healthcare coverage as the most important benefit when switch jobs, according to Lively’s third annual Wellness and Wealth report. The same report found that one in two Americans have delayed or skipped medical care due to cost.

“There are few products on the market that can match the flexibility and tax savings a Health Savings Account offers,” said Alex Cyriac, CEO and co-founder of Lively. “That’s why we are excited to partner with Centier Bank, with their track record of helping clients improve their financial well-being through competitive products and remarkable service. By giving clients the option to consolidate finances at their preferred community bank, they can build toward their financial goals with confidence.”

The account comes with a personal online dashboard and mobile app, , and educational content. Companies who want to offer a health savings account to their employees can take advantage of the proprietary technology that makes setting up employee-funded accounts and contributions easy and simple.