You may contribute to your HSA yourself or others may contribute on your behalf.
Contributions may be made to your account at any time during the year. Once funds
are deposited into your account, they are yours regardless of resignation or termination.
In 2014, maximum contributions to an HSA may not exceed $3,300 for individual coverage
or $6,550 for family coverage. These maximums will be adjusted annually.
Contributions made in excess of your allowed limit will generally be charged a 6%
excise tax. However, if you withdraw funds prior to April 15 of the following year,
you may only have to pay income tax on those additional funds.
Funding an HSA with After- or Before-tax Dollars
HSA contributions made by your employer are not taxable to you; contributions made
by yourself, or others on your behalf, are an "above the line" deduction.
Transfers from FSAs, HRAs, IRAs
Individuals switching to coverage under an HSA-compatible health plan can have funds
transferred from Flexible Spending Arrangements (FSAs) or Health Reimbursement Arrangements
(HRAs) to an HSA. Visit with your employer or tax advisor for more details regarding
distributions and penalties that could be assessed.
A one-time contribution can be made to an HSA from an Individual Retirement Arrangement
(IRA) distribution. Visit with your tax advisor for details regarding contributions
and penalties that could be assessed.
Effects on Traditional or Roth IRA Contributions
Contributions to your HSA will not affect contributions to a Roth or traditional
IRA. HSA funds may not roll over into an IRA.
Catch-up Contributions for Individuals 55 or Older
If you are between the ages of 55 and 65, the HSA contribution limit is increased
by $1000 during 2013 and all years going forward. Someone over age 65 but not enrolled
in Medicare Part A or B may still make catch-up contributions.
Truth in Savings Disclosure for Health Savings Accounts
For more information about Health Savings Accounts, contact Customer Service
If your company offers its employees a High Deductible Health Plan and you're interested
in complementing the Plan with a Health Savings Account, contact Customer Service