![]() ![]() If you have selected the investment(s) and the percentages that you want to be allocated to each fund then every time you make a contribution to your MyHSA account any dollars above the cash threshold will be allocated to those investments by the percentage that you setup. All contributions above the cash threshold will automatically be invested in one or more of the investment options available as set up by the account holder. The first $200 that you contribute to your MyHSA account will be held in cash we call this the "cash threshold". Return to Top How are contributions allocated in my HSA account? ![]() These deposits-known as after-tax contributions-may be made periodically or in a lump sum, but only up to the contribution limits set by the IRS. Money may be deposited to your HSA through payroll deduction, if your employer participates in such a program, or you may make deposits directly to your HSA account. Return to Top How is money desposited in my HSA? Below are the most recent yearly amounts provided by the IRS. The maximum amounts allowed for contributions can change from year to year. Return to Top How much can I contribute to an HSA? Contributions can also be made by others on behalf of an eligible individual and deducted by the MyHSA account holder. If contributions are made by the employer, it is not taxable to the employee (excluded from income). ![]() If contributions are made by the individual, it is an “above-the-line” deduction. Out-of-pocket expenses include copayments and other amounts, but don’t include premiums." Below are the current and previous years' limits as described by the IRS: Return to Top Who can contribute to an HSA?Ĭontributions to HSAs can be made by either the employer or the individual, or both. The IRS defines an HDHP as: "having a higher annual deductible than typical health plans, and having a maximum limit on the sum of the annual deductible and out-of-pocket medical expenses that you must pay for covered expenses. Return to Top What is an "HSA Qualified Health Plan"?Īn "HSA Qualified Health Plan" is what is known as a High Deductible Health Plan (HDHP). To be eligible for a Health Savings Account, an individual must be covered by an HSA Qualified Health Plan, and must not be covered by other health insurance (does not apply to specific injury insurance and accident, disability, dental care, vision care, long-term care) that is not HSA qualified, you can not be enrolled in Medicare, and you can’t be claimed as a dependent on someone else’s tax return. Return to Top Who is eligible for an HSA? Needing futher assistance? Call us at: 1 (800) 576-9472 What is an HSA?Īn HSA, or Health Savings Account, is a tax-favored savings account used to pay for qualified medical expenses of the account holder, the account holder’s spouse and any eligible dependents tax free.
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