Kitsap Bank recently announced that beginning late this month, customers will have the option of opening health savings accounts (HSAs) with the bank. An HSA is a tax-sheltered savings account similar to an IRA, but earmarked for medical expenses. Unused funds and interest are carried over from year to year, without limit.

Kitsap Bank President and CEO JimCarmichael remarked, “We are very pleased to be able to provide our customers with this powerful new tool to help manage rising healthcare costs. We believe the HSA is a good fit for many of our customers — individuals and businesses alike.”

HSA legislation was signed into effect by President Bush on December 8, 2003 as part of the Medicare bill. They’re designed to help individuals save for future medical expenses and retiree health expenses on a tax-free basis.

For more information about health savings accounts, please visit the Kitsap Bank web site at www.kitsapbank.com.