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If you elect the High Deductible Health Plan coverage and are eligible to open a Health Savings Account, you will need to complete the Tower Bank application in order for the State’s portion to be deposited. Funds cannot be deposited until the account is opened.
To open a Health Savings Account with Tower Bank, go to http://www.hsa.towerbank.net/ . The first page of this online session states: “If you have been instructed by your employer to visit this site to open your Health Savings Account, click this button and insert your employer code below.” You will need to enter 100366 in the “employer code” and it will be the State application.
The State’s contributions and any contributions made by you to your HSA are deposited the first pay check following the month that your medical coverage is effective.
You can "front load" or fully fund your HSA immediately once your HSA is in effect, provided you do not exceed the annual maximum amount.