How Can I Contribute to My HSA? - HSA Awareness Guide

Understanding how to contribute to your HSA (Health Savings Account) is crucial for maximizing the benefits of this tax-advantaged savings tool. Here are some ways you can contribute to your HSA:

1. Payroll deductions: Many employers offer the option to contribute to your HSA directly from your paycheck, which can make saving for healthcare expenses effortless.

2. Online transfers: Most HSA providers allow you to transfer funds online from your bank account to your HSA with just a few clicks.

3. Mail-in contributions: If you prefer traditional methods, you can also mail in a check or money order to your HSA provider.

4. Rollover funds: You can roll over funds from another HSA or an Archer MSA into your HSA without incurring any taxes or penalties.

It's important to note that there are annual contribution limits set by the IRS. For 2021, the limits are $3,600 for individuals and $7,200 for families. If you are 55 or older, you can make an additional catch-up contribution of $1,000.

Contributing to your HSA is a smart financial decision that allows you to save for future medical expenses. One convenient method is through payroll deductions, where you can automate your savings directly from your paycheck, making budgeting easier.