Do You Need a Qualifying Event to Change Your Contribution Amount for HSA?

One common question about Health Savings Accounts (HSAs) is whether you need a qualifying event to change your contribution amount. The good news is that, unlike Flexible Spending Accounts (FSAs), changing your HSA contribution amount does not require a qualifying event.

HSAs offer individuals a way to save money for medical expenses while enjoying tax benefits. Here are a few key points to keep in mind:

• HSAs are individual accounts that you own, meaning you have the flexibility to adjust your contribution amount whenever you see fit.
• There is no need for a qualifying event to increase or decrease your HSA contributions. You can make changes at any time, as long as you stay within the annual contribution limits set by the IRS.
• Contributions to your HSA are tax-deductible, reduce your taxable income, and grow tax-free.
• Any unused funds in your HSA roll over year after year, unlike FSAs, which often have a
  

  Many people wonder if they need a qualifying event to adjust their Health Savings Account (HSA) contributions. The reassuring answer is that no such event is necessary. You can change your contribution whenever you wish!