Tax Advantage Accounts
Health Savings Account
Making Contributions to Your HSA
Your employer, you and your family members may make contributions to your HSA. Contributions can be made any time of the year in one or more payments.
- You can contribute to your HSA with pre-tax dollars taken directly from your paycheck.
- You may deposit contributions directly into the HSA.
- You can make contributions to your HSA until April 15. Visit www.irs.gov (Publication 969 for more information regarding HSA contributions).
- Notice Regarding Contributions to Health Savings Accounts (“HSAs”)
HSA Maximum Annual Contribution
The annual maximum HSA contribution allowed for 2012 is $3,150 for individual (employee only) and $6,250 for family coverage (all other coverage tiers). If you are 55 or older in 2012, you can contribute an additional $1,000 “catch-up” contribution.
Maximum contribution amounts include medical premium rebates but not HSA rollover funds from previous years. Unused funds are not forfeited. Money not used in the account will roll forward from year to year.
Changing Your HSA Contribution Amount
You can change the amount you contribute to your HSA at any time. Be sure to review your HSA contribution election amounts so you stay within the IRS regulations. Visit the IRS website for more information on HSA contribution limits at www.irs.gov (Publication 969).