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Anyone can contribute to your HSA (you, your employer, your spouse, etc.). If your employer allows it, you can contribute to your HSA through pre-tax payroll withholding, so you don’t have to pay federal taxes, FICA, and state taxes, in most states.
You can also contribute after-tax to your HSA. If you do, you can deduct that contribution amount on your tax return, but you’re responsible for FICA taxes. You get the tax deduction for HSA contributions made by anyone except your employer.
The IRS sets limits on the maximum that can be contributed to an HSA each year; these limits are the total amount you, your employer, and anyone else can contribute.
2019 Contribution Limits:
2020 Contribution Limits:
Once you reach age 55, however, you’re allowed to contribute an extra $1,000 annually to your HSA.
To begin contributing to your HSA, you must be enrolled in a HSA-qualified health plan on the first day of that month. So if you enroll in a HSA-qualified health plan and HSA on May 15th, you’ll be able to contribute to your HSA starting June 1st.
You can contribute to your HSA until that year’s federal income tax deadline (generally around April 15th of the following year). That means you can make HSA contributions for the 2018 tax year until mid-April 2019.
Unlike a flexible spending account, you can change your contribution amount as often as your employer allows—not just during open enrollment or after a qualifying event. You can front-load, back-load, or stagger your HSA contributions as desired.
However, if you exceed the annual contribution limit and don’t remove the excess contributions by that year’s tax filing deadline, you’ll have to pay a penalty. As your HSA’s owner, you’re responsible for making sure you don’t exceed your annual contribution limit.
Yes. You may contribute to your HSA outside of payroll deductions by contributing online or by mail. (See “How do I contribute?”) Be sure to monitor your contributions to ensure that you do not exceed IRS annual contribution limits.
Medicare enrollment is what disqualifies you from being eligible to contribute to your HSA. Eligibility alone doesn’t impact you being able to contribute to your HSA. *Please note that you cannot opt out of Medicare Part A without opting out of all Social Security benefits.
You may contribute online, via pre-tax payroll deduction or by mail.
Please allow up to 10 business days for accessing your first contribution. After we have verified your account and processed your first contribution, we will process your future contributions more quickly. (3-4 business days for ACH pulls and 2-3 business days for wires.)