Contributing to a Health Savings Account

Contributing to a Health Savings Account is easy – and it comes with some great tax advantages.

Who Can Contribute?
  • Employers and employees can contribute to HSA accounts as long as the account holder meets the requirements for HSA eligibility
  • Family members or any other person can make contributions on behalf of an eligible individual
Tax Advantages:
  • Contributions are 100% tax-deductible
  • Funds grow on a tax-deferred basis and if the funds are used for an eligible medical expense, the funds are tax-free
  • Funds rollover from year to year
  • Funds used after age 65 are tax-free for eligible medical expenses or at your normal tax rate for any other reason
Contributions Are:
  • Tax-deductible for the account holder
  • Owned by the account holder and remain theirs until the funds are used
  • Able to be made at any point during the contribution year, up to the individual's tax deadline (usually April 15, just like IRAs)
  •  Contribution limits for 2014 are $3,300 individual and $6,550 family
  •  Catch-up contributions for those 55 and older are $1,000
Deductible Requirements
Year 2014 Year 2013
Single Family Single Family
Minimum Deductible Requirements $1,250 $2,500 $1,200 $2,500
Maximum Out-of-Pocket $6,350 $12,700 $6,250 $12,500
Maximum Contribution $3,300 $6,550 $3,250 $6,450
The deadline for contributions is the same as your tax filing deadline excluding extentions.
For most individuals this is April 15.

Large-Ad IRA