How Do I Contribute to My HSA?

Contributing to your Health Savings Account (HSA) is a straightforward process that can help you save money for qualified medical expenses while enjoying tax benefits.

There are several ways you can contribute to your HSA:

• You can set up automatic contributions from your paycheck. This is a convenient method that allows you to save consistently without having to remember to make manual contributions.
• You can make one-time contributions online through your HSA provider's website. This gives you the flexibility to add funds whenever you have extra money available.
• You can also contribute to your HSA by mailing a check to your HSA provider. This method is suitable for those who prefer traditional banking practices.

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

Contributing to your Health Savings Account (HSA) is not only easy but also a smart way to prepare for future healthcare costs while taking advantage of tax benefits.

There are multiple methods available to make contributions to your HSA:

• Automatic Payroll Contributions: You can choose to have a portion of your paycheck automatically deposited into your HSA, ensuring consistent savings without the hassle of manually transferring funds each month.
• Online One-Time Contributions: If you come across some extra funds and want to boost your savings, simply log onto your HSA provider's website and make a one-time contribution.
• Check Contributions: Prefer a more traditional route? You can always send a check to your HSA provider, a perfect choice for those who like to have a physical record of their contributions.

Don’t forget about the IRS annual contribution limits! As of 2021, those limits are $3,600 for individuals and $7,200 for families, with an extra catch-up option of $1,000 available for anyone aged 55 or older.