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Employers

Question:

Our current deductible is $500 (individual). How high do we need to go to benefit from an HSA program? Answer...

The higher your deductible, the more money you will save on your premiums. Ask for quotes on individual 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. Employees should be encouraged to also use any premium savings under the new plan to help fund the HSA. The higher deductible plan works best when both the employer and employee contribute to the HSA.

Question:

How are other employers designing their HSA programs? Answer...

Typically, they fund 50 percent or more of the new deductible. Some employers choose to fully fund the new deductible.

Question:

Q. How do I move to a healthcare program that includes HSAs? Answer...

1. Contact your insurance agent or carrier to quote an HSA-qualified high deductible health plan. (Consider a second quote.)

2. Contact Tower Bank to formulate a plan to educate and enroll your employees.

Question:

What do I do if I have a new hire? Answer...

All you need to do is provide your new hire with an Enrollment Packet and provide him or her with your Employer Code number. The participant can then visit our online HSA Enrollment Site to open his/her account.

Question:

What if someone’s employment is terminated or requires a status change? Answer...

Termination: If utilizing eProcess for deposits, simply remove the terminated employee from the deposit list.

Status Change: You do not need to notify Tower of an employee’s status change, but you may need to adjust their contribution amount on your payroll system to avoid overfunding (for example – an employee changing from family to single coverage).