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
- 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
- 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
|Minimum Deductible Requirements
|The deadline for contributions is the same as your tax filing deadline excluding extentions.
For most individuals this is April 15.