HSA Guide
How to Make Contributions to a Select Account HSA?
Published December 2, 2023
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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:
- Determine your contribution limit for the year. For 2021, the maximum annual contribution limits are $3,600 for individuals and $7,200 for families.
- Decide how much you want to contribute to your HSA. You can contribute up to the annual limits set by the IRS.
- Set up automatic contributions from your paycheck or make one-time contributions online through your Select Account HSA provider's website.
- Keep track of your contributions to ensure you do not exceed the annual limits.
- Consider your HSA contributions as a long-term investment in your health and financial well-being.
Steps for contributing in the current year
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:
- Identify your contribution limits for the current year. For 2023, the maximum contribution is $3,850 for individuals and $7,750 for families.
- Decide on your contribution amount, adhering to the IRS annual limits.
- Arrange for automatic contributions through your payroll department or make a one-time contribution online via your Select Account HSA providerâs portal.
- Maintain a record of your contributions to avoid exceeding the annual maximum.
- View your HSA contributions as an important long-term investment into both your health and financial future.