Who Can Make Deposits to an HSA?

Health Savings Accounts (HSAs) are a fantastic way to save for medical expenses while enjoying tax advantages. To make the most of your HSA, it's essential to know who can contribute to it.

Here's a breakdown of who can make deposits to an HSA:

• Employer Contributions: Many employers offer to contribute to their employees' HSA accounts as part of their benefits package.
• Individual Contributions: Anyone who is covered by an HSA-eligible high-deductible health plan (HDHP) can make contributions to their own HSA.
• Family Contributions: If you have an HSA-eligible family HDHP, both you and your spouse can contribute to the same HSA account.
• Additional Contributions: Individuals aged 55 and older can make catch-up contributions to their HSA, allowing them to save more for healthcare expenses.

Understanding who can contribute to a Health Savings Account (HSA) is crucial for maximizing your healthcare savings. Generally, contributions can come from yourself, your employer, your family members, or even your spouse if you're both covered by a family plan.