HSA Contributions

What is the deadline for making HSA contributions?
Contributions to an HSA must be made by April 15th or the tax deadline following the year for which the contributions are made.

How much can I contribute to my HSA?
The maximum contribution is the allowable amount set up by the IRS. If you are age 55 or older, you can also make additional “catch-up” contributions. Contributions to HSAs can be made in a lump sum or in any amount or frequency you wish. For more information, see IRS regulations for current contribution limits at www.irs.gov.

Does my contribution depend on when I establish my HSA account or when my HDHP coverage begins?
Your eligibility to contribute to an HSA is determined by the effective date of your HDHP coverage. For 2007 and forward, if you are covered on December 1, you are treated as an eligible individual during the year. However – if you cease to be an eligible individual during 2010, the excess over the pro rated contribution is included in income and subject to a 10 percent additional tax. The amount you can contribute is not determined by the date you establish your account. However, medical expenses incurred before the date your HSA is established cannot be reimbursed from the account.

Can both my spouse and I open an HSA?
If each spouse has a self-only High Deductible Health Plan (HDHP), then each spouse is eligible to contribute to an HSA in their own name. However, each spouse’s contribution cannot exceed the contribution limits for individuals. If both spouses have family HDHP coverage but one spouse has other coverage, both spouses may be eligible for an HSA depending on the other coverage held by one spouse. For more information, please refer to the contribution guidelines.

Are there any fees associated with the HSA?
No monthly maintenance fee is charged if $500 minimum balance is maintained. If account falls below the minimum, a monthly maintenance fee of $5 is assessed.

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Find out more information:

• What is a Health Savings Account?
• Who is eligible for an HSA?
• What are the tax benefits and regulations?
• HSA Contributions
• Making Payments with your HSA
• Contribution Guidelines