How can I contribute to my HSA?

Who is this for?

Michigan Health Insurance – Customer Service – Health Spending Accounts

If you have an HSA, this information can help you with making contributions.

Health savings accounts are a great way to save money for health care. To fund your HSA, you must be enrolled in an HSA-compatible plan.

You can choose how much you want to contribute to your account, up to the maximum allowed amount. That amount is set by the federal government and changes every year. You can contribute the maximum allowed amount for any year as long as you have coverage by Dec. 1. For 2015, the maximum allowed amounts are:

  • $3,350 for individuals
  • $6,650 for families

You, your employer and even friends and relatives can put money in your HSA. The money deposited is either not taxed or tax-deductible. Here are ways to contribute to the account:

Set up a direct deposit from your paycheck. If you have an employer-sponsored plan paired with an HSA, you should be able to have contributions taken out of your paycheck automatically. One of the advantages of making contributions this way is that the money isn’t taxed.

Contribute after taxes. If you can’t make pre-tax contributions from your paycheck, you can still get tax advantages. All contributions you make can be used as deductions when you file taxes. Talk to your Human Resources department or the bank where you have your HSA to see how you can make contributions.

Allow others to contribute. If you have an employer-sponsored plan with an HSA, you may get an employer contribution. You could also get contributions from family or anyone else who wants to help you build the account.

Transfer from your IRA. You can do a one-time rollover contribution from your IRA. You can’t transfer from your HSA to your IRA, though.

If you have a HealthEquity® HSA with us, you can fill out this HSA Contribution Form (PDF) and follow the instructions to mail or fax the form.

Make catch-up contributions. If you’re 55 or older and have a high-deductible health plan, you can make an HSA catch-up contribution for each year, until you enroll in Medicare. The IRS allows contributions of $1,000 a year.

If you and your spouse are both eligible and each have established an HSA in your own name, you both can make a contribution. You can only make a contribution to an HSA that's in your name.

If you have a qualified plan for the entire year, you can make the full contribution, even if you turn 55 at the end of the year. If you don't have a qualified plan for the full year, you must pro-rate the amount.