Can I Get an HSA Plan on Marketplace and Contribute to HSA Through Employer?

Health Savings Accounts (HSAs) have become a popular way for individuals to save money for medical expenses while enjoying tax benefits. When it comes to obtaining an HSA plan and making contributions, there are several factors to consider.

Firstly, HSAs are typically offered through high-deductible health plans (HDHPs). These plans can be purchased on the Health Insurance Marketplace, also known as the exchange. If you are eligible for an HSA, you can sign up for a plan that qualifies for HSA contributions on the Marketplace.

Now, the question arises - can you contribute to your HSA through your employer while having a Marketplace plan? The answer is yes! You can contribute to your HSA both through payroll deductions by your employer and individual contributions, even if you have an HSA-qualified plan through the Marketplace.

It's important to note that the total annual contribution limit set by the IRS applies to all contributions made to your HSA, regardless of the source. For 2021, the contribution limit for individuals is $3,600, and for families, it is $7,200.

Utilizing both employer contributions and individual contributions to your HSA can maximize your tax savings and help you build a substantial health fund for future medical needs.

Health Savings Accounts (HSAs) are an incredible option for individuals who want to proactively save and manage their healthcare costs. If you're considering purchasing an HSA-qualified high-deductible health plan (HDHP) from the Health Insurance Marketplace, you're on the right track. Not only can you subscribe to an HSA plan through the Marketplace, but you can also enjoy dual contributions from both your employer and personal income.