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Questions and Answers
Q.Our current deductible is $500 (individual). How high do we need to go to benefit from an HSA program?
Q. How are other employers designing their HSA programs?
Q. How do I move to a healthcare program that includes HSAs?
Q. What do I do if I have a new hire?
Q. What if someone’s employment is terminated or requires a status change?
Q. Where do I send forms, checks and other communications?
Q. Whom do I call with questions about the forms and processes mentioned above?
Q. Who do I contact with questions about forms and processes or with questions regarding HSA bank accounts? (Individual account balance information is not available to employers.)
Q. Our current deductible is $500 (individual). How high do we need to go to benefit from an HSA program?
A. The higher your deductible, the more money you will save on your premiums. Ask for quotes on deductibles of $1,500, $2,000 and $2,600. Many employers use the premium savings from the higher deductible plan to make HSA contributions to employees’ accounts. Further, your employees’ current out of pocket medical expenses should become their contribution to the HSA. The higher deductible plan works best when both the employer and employee contribute to the HSA.
Q. How are other employers designing their HSA programs?
A. Typically, they fund 50 percent or more of the new deductible. We’ve seen some employers fully fund the new deductible.
Q. How do I move to a healthcare program that includes HSAs?
A. 1. Contact your insurance agent or carrier to quote a high deductible health plan. (Consider a second quote.)
2. Contact Tower Bank to formulate a plan to educate and enroll your employees.
Q. What do I do if I have a new hire?
A. Have participant complete the Application and Agreement, sign, date, and attach identification (ID). Mail original application, ID and check made payable to Tower Bank Processing (see address below) for the following:
1) Amount of initial contribution (minimum $50.00)
2) $7.25 for 50 checks
Q. What if someone’s employment is terminated or requires a status change?
A.Termination: Update your HSA Report by removing terminated employee. Complete the Notification of Termination and Status Change form and mail to Tower Bank Processing (see address below). NOTE: This should be done at time of termination and NOT with next contribution.
Status Change: Utilize the Notification of Termination and Status Change form to select new status. You MAY send this form with your monthly contribution form.
Q. Where do I send forms, checks and other communications?
A. Tower Bank, HSA Processing
P.O. Box 2581
Fort Wayne, IN 46801-2581
Q. Whom do I call with questions about the forms and processes mentioned above?
A. Lee DeTurk, HSA Officer
Tower Bank, Downtown
Phone: 260.427.7115,
Toll-free 1.888.HSA.TOWR
Julie Machado, HSA Business Development
Tower Bank, Downtown Financial Center
Phone: 260.427.7060,
Toll-free 1.888.HSA.TOWR
Q. Who do I contact with questions about forms and processes or with questions regarding HSA bank accounts? (Individual account balance information is not available to employers.)
A. Lee DeTurk, HSA Officer
Tower Bank, Downtown
116 East Berry Street
Fort Wayne, IN 46802
Phone: 260.427.7115,
Toll-free 1.888.HSA.TOWR
Fax: 260.427.7185
Julie Machado, HSA Business Development
Tower Bank, Downtown Financial Center
116 East Berry Street
Fort Wayne, IN 46802
Phone: 260.427.7060,
Toll-free 1.888.HSA.TOWR
Fax: 260.427.7185
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