HEALTH SAVINGS ACCOUNT HSA
> More about HSA
Who may contribute to my HSA?
Anyone can contribute to your HSA. This means that you, your spouse, your employer, a family member and any other person
can contribute to your HSA. All contributions will count toward your annual limit.
How much can I contribute to my HSA?
Each year, the Internal Revenue Service (IRS) sets annual contribution limits for HSAs. These limits are based on your HDHP
coverage level (self-only/individual or family). For 2021, the limit for self-only/individual coverage is $3,600. For family
coverage, the contribution limit is $7,200. You can contribute in a lump sum or multiple times throughout the year
can change how much you contribute at any time during the year; you don’t need a life event change. If you’re age 55 or
older, you can contribute another $1,000 per year. This is a “catch-up” contribution to help you save for health care
expenses in retirement. Note: You may want to speak with your tax advisor. They can help you understand how much you
can contribute to your HSA. You might also ﬁnd it helpful to review IRS Publication 969.
I became eligible for Medicare during the year. Can I continue to contribute to my HSA?
Starting with the month that you enroll in Medicare, you’re no longer eligible to contribute to an HSA. However, you can still
use your funds for eligible expenses. Example: You have an HSA on January 1. Starting in the month of July, you’re covered
under Medicare. This means you’re eligible to contribute to an HSA for the months of January through June. For these
months, you would prorate how much you can contribute. You still have until the tax ﬁling deadline to contribute to your
HSA, however, you can only contribute up to your prorated amount. The tax ﬁling deadline is generally April 15 of the
I am no longer in a qualiﬁed HDHP. Can I still contribute to my HSA?
No. Per IRS regulations, you must be in a qualiﬁed HDHP to contribute to an HSA. However, you have until the tax ﬁling
deadline of the following year to contribute for the time you were eligible. The tax ﬁling deadline is generally April 15 of the
following year. You are still eligible to use the funds in the HSA even if you don’t have HDHP coverage.
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