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SPD > Open Enrollment > How to Open a Health Savings Account How to Open a Health Savings Account

If you elect the Consumer Driven 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 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.

You will need the following information to complete the HSA application online:

  1. Driver’s license;
  2. Social Security number, date of birth and address for your beneficiaries;
  3. Social Security number, date of birth and address for your authorized signer (if selected); and
  4. Security passwords for you and your authorized signer (based on the answer to one of the five questions you select during the application process).

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.