EVANSVILLE, Ind., Dec. 13, 2005 (PRIMEZONE) -- As consumers continue to select their benefit packages, Old National Bank (NYSE:ONB) is pleased to announce the Health Savings Accounts, or HSAs. Health Savings Accounts are tax-exempt, or custodial accounts, designed to offer the benefits of pre-tax savings for qualified, out-of-pocket medical costs. As needed, customers may withdraw the funds, tax-free, to pay for medical care for themselves, their spouses or their dependents. HSAs are controlled by the individual owner of the account.
Customers may pay qualified expenses directly from their account with a Health Savings Account VISA(r) debit. Their expenditures, however, cannot exceed the amount they have deposited into their account. Customers may accumulate their unused balance and interest, and may continue to add to the HSA with contributions in subsequent years.
"Old National is very happy to be at the forefront of this exciting new opportunity for our clients to manage their health cares costs. We feel that this partnership between the bank and our depositors is a wonderful way for us to work together and promote affordable health benefits in our community," comments Stephen Witting, Senior Vice President of Corporate Sales & Marketing for Old National Bancorp.
For more information, the U.S. Department of Treasury site has information on regulations regarding the use and administration of HSAs at http://www.treas.gov/offices/public-affairs/hsa/ .