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Tower Bank is your HSA Authority
A Tower Bank Health Savings Account puts you in control.
Health Savings Accounts can be opened along with a high-deductible health plan. These special tax-qualified consumer bank accounts provide access to your healthcare dollars to pay for healthcare expenses. Funds deposited into the account belong to the individual account holder.
Health Savings Accounts provide money to pay for health-related costs. HSA deposits go into a checking account that you control—Paying expenses by check or with a debit card. Monthly bank statements are provided and access to account activity, balances and images of cancelled checks are available by telephone or online.
Contributions to a Health Savings Account can be made by an employee, employer or both. Employee contributions can be made pretax if offered by the employer. After-tax contributions are an “above-the-line” deduction. If contributions are made by the employer, they are not taxable to the employee (excluded from income).
With a Health Savings Account, individuals can decide:
- How much to contribute
- Whether to pay for current medical expenses from the account or save the account for future use
- What type of investments to use to grow the account
Tower Bank Health Savings Accounts are a critical element in reducing healthcare costs for employers.
Companies of all sizes can now benefit from improved healthcare coverage legislation. By setting up a comprehensive healthcare program that includes a Health Savings Account at Tower Bank, employers can reduce insurance premiums, motivate employees to use their benefits in a more cost-effective way, and maintain or improve the level of benefits for employees.
Employers have struggled for years with managing the increasing cost of healthcare. Research experts believe that consumer-driven healthcare is the single most effective tool to bring down overall costs for you and your employees. The recent legislation that provided for Health Savings Accounts is recognized as the government’s first real step toward true consumer-driven healthcare.
*The maximum annual contribution to an HSA is equal to the maximum statutory limit. Tower Bank does not sell insurance or give advice on insurance plan coverage.
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