How to Make Contributions to a Select Account HSA?

Health Savings Accounts (HSAs) are a valuable tool for individuals looking to save money tax-free for medical expenses. Making contributions to your Select Account HSA is a straightforward process that can provide you with significant benefits in the long run.

Here are the steps to make contributions to your Select Account HSA:

1. Determine your contribution limit for the year. For 2021, the maximum annual contribution limits are $3,600 for individuals and $7,200 for families.
2. Decide how much you want to contribute to your HSA. You can contribute up to the annual limits set by the IRS.
3. Set up automatic contributions from your paycheck or make one-time contributions online through your Select Account HSA provider's website.
4. Keep track of your contributions to ensure you do not exceed the annual limits.
5. Consider your HSA contributions as a long-term investment in your health and financial well-being.

Health Savings Accounts (HSAs) are an excellent way to save money tax-free for healthcare costs, making them a crucial resource for individuals and families. Contributing to your Select Account HSA is a simple yet effective strategy that can yield tremendous benefits over time.

To begin contributing to your Select Account HSA, follow these straightforward steps:

1. Identify your contribution limits for the current year. For 2023, the maximum contribution is $3,850 for individuals and $7,750 for families.
2. Decide on your contribution amount, adhering to the IRS annual limits.
3. Arrange for automatic contributions through your payroll department or make a one-time contribution online via your Select Account HSA provider’s portal.
4. Maintain a record of your contributions to avoid exceeding the annual maximum.
5. View your HSA contributions as an important long-term investment into both your health and financial future.