Frequently Asked Questions
- Can employee pretax HSA contributions be changed throughout the year?
Yes. Eligibility requirements and contribution limits for HSAs are determined on a month-by-month basis. You can start or stop contributing or increase or decrease the amount at any time, if the change is made after the change request is received.
- Can I contribute to an HSA at the same time as an FSA and/or HRA?
You can contribute to an HSA while covered by the following types of medical FSAs and/or HRAs:
- Limited purpose FSA and/or HRA
- Suspended HRA
- Post-deductible FSA and/or HRA
- Retirement HRA
You cannot contribute to an HSA while covered by the following types of medical FSAs:
- A general purpose medical FSA that pays for all eligible expenses
- A general purpose medical FSA with a grace period (unless the FSA has a $0 balance at the end of the plan year)
- Do both employer and employee contributions count toward the annual contribution maximum?
- Yes. Both employer and employee contributions are combined with calculating the maximum.
- For new HSAs, are maximum contributions prorated on a monthly basis?
- Annual HSA contributions for new HSAs are not prorated on a monthly basis as long as you are HSA- eligible on December 1 and maintain HDHP coverage throughout the subsequent 13-month testing period. The testing period begins on December 1 in the year the qualified HDHP coverage is obtained and runs through December 31 of the following year. The testing period is also called the “13-month rule.” Enrolling in an HDHP and establishing an HSA any time after January 1 triggers the “testing period” if you contribute the maximum amount to your HSA. If you do not satisfy the 13-month rule, contribution limits are prorated and tax consequences apply. See Chapter 5, Section 1.2 on page 37 for examples of pro-rated maximum contribution amounts.
- Benefits of Contributing to Your HSA
- You already know that growing your HSA can help you plan for and save for medical expenses you may encounter in the future. Aside from that, there are additional benefits to contributing money to your account.
- How Much Should I Contribute to my HSA?
- Congratulations! You’re enrolled in a health savings account (HSA). With an HSA, you can pay for your health care costs AND save money! Consider these strategies when you decide how much to contribute to your HSA.
- How To Get Tax Benefits from Manual HSA Contributions
- Both payroll and manual contributions made to your HSA throughout the tax year offer the same tax benefits. Here's what you need to know to maximize your those benefits, and instructions for making a manual contribution to your account.
- HSA Contribution Limits
- The federal government limits how much you can contribute to an HSA in one tax year, based on whether you have individual or family health insurance coverage. This page covers the current limits and exceptions.
- Rolling and Transferring Funds into Your Account
- You can move funds from an old HSA or MSA without affecting your maximum yearly contribution limit. You can also transfer funds from a traditional individual retirement account (IRA) into your HSA without paying any taxes, however this contribution will count toward your yearly limit. This article outlines how to make both types of transfer.
- Saving for Retirement with Your HSA
- Your HSA is a smart way to save for retirement. This page presents strategies for saving for retirement with your HSA.
- Strategies for Contributing to Your HSA
- This page gives you some strategies for planning your HSA contributions and maximizing your savings.
- Ways to Contribute to Your HSA
- This page presents the different ways you can contribute money to your HSA.
- What Happens If My HSA Contributions Go Beyond IRS Limits?
- The IRS has a set limit for how much you can contribute to your HSA each year. What happens if your contributions go over the limit?
- What Tax Forms Will I Need For My HSA?
- Everyone knows taxes can be complicated. It’s too easy for tax forms, files, and receipts to pile up, and sometimes you don’t know if you even have all the paperwork you need.
- What To Know About HSA Contributions For Tax Season
- Learn how to manage your HSA contributions for the most tax benefit.