How to Give to an HSA for Covered California

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Checking limits, eligibility, and planning contribution

If you have a Health Savings Account (HSA) and are covered by Covered California, you have the option to make contributions to your HSA to save for medical expenses. Here are some easy steps on how to give to an HSA for Covered California:

• Check your HSA contribution limits for the current tax year. For 2021, the maximum contribution for an individual is $3,600 and $7,200 for a family.
• Consider your budget and how much you can afford to contribute. Keep in mind that HSA contributions are tax-deductible.
• Log in to your HSA provider's online portal or contact them to find out the various ways you can make contributions, such as via direct deposit, online transfers, or by mailing a check.
• If you have a high-deductible health plan through Covered California, you are eligible to contribute to an HSA. Make sure to coordinate your contributions with your plan to avoid any excess contributions.
• Once you have determined the amount you want to contribute, follow the steps provided by your HSA provider to complete the transaction securely.
• Keep track of your HSA contributions for tax purposes. You may be eligible for a tax deduction on your contributions when you file your taxes.

How to make HSA contributions securely

If you have a Health Savings Account (HSA) and are covered by Covered California, contributing to your HSA is a smart way to save for medical expenses. Here’s how you can easily make contributions and maximize your savings:

• First, verify the HSA contribution limits for the current tax year. For 2023, the maximum contribution is $3,850 for individuals and $7,750 for families.
• Next, assess your budget to see how much you can contribute comfortably. Remember, HSA contributions are tax-deductible, providing you with potential tax savings.
• Don’t forget to log in to your HSA provider's online platform or reach out to them directly to explore various contribution methods such as online transfers, automatic withdrawals, or mailing a check.
• Ensure that you have a high-deductible health plan from Covered California, which qualifies you to contribute to an HSA. Collaborate with your health plan to avoid exceeding contribution limits.
• Once you’ve decided on an amount to contribute, follow your provider’s guidelines to securely complete the transaction online.
• Finally, keep a record of your HSA contributions for tax purposes, as you may qualify for a deduction when filing taxes.