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HSA Employee Information
A Tower Bank Health Savings Account puts you in control.
Contributions to a Health Savings Account can be made by you, your employer or both. If you make contributions, it is an “above-the-line” deduction. If contributions are made by your employer, they are not taxable to you (excluded from income).
Health Savings Accounts can be opened if you have a high-deductible health plan. These special tax-qualified consumer bank accounts give you access to your healthcare dollars to pay for your healthcare expenses. Funds deposited into the account belong to you, the individual account holder.
Health Savings Accounts put money in your hands 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. You will receive monthly bank statements and access to account activity, balances and images of cancelled checks by telephone or online.
With a Health Savings Account, you are able to decide:
- How much to contribute
- Whether to pay for medical expenses from the account or save the account for future use
- What type of investments are needed to grow the account
*The maximum annual contribution to your HSA is equal to the maximum statutory limit. In 2008, the HSA maximum for an individual is $2,900; the family maximum is $5,800. Please consult your insurance professional to determine your maximum annual contribution. Tower Bank does not sell insurance or give advice on insurance plan coverage.
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Online Access: You will have access to view your account balances, activity and check images by signing up for online banking. |
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