The most common way to contribute to your HSA is through regular payroll withholdings, meaning tax-free deductions from your paycheck that are automatically deposited in your HSA account. Some employers will contribute in addition to your individual contributions.
Outside of payroll deductions, you are also able to contribute directly to your HSA account at any point throughout the year. Based on upcoming expenses, you may find it useful to stagger or front-load your yearly contributions by making a lump sum deposit.
When making direct contributions to your account, you’ll need to make sure your total contributions (regular individual and employer contributions, and any direct contributions) for the year don’t exceed the annual contribution limit set by the IRS for the year. If you exceed the annual contribution limit and don’t remove the excess contributions by that year’s tax filing deadline, you’ll have to pay a penalty. As your HSA’s owner, you’re responsible for making sure you don’t exceed your annual contribution limit.
2024 Contribution Limits
For 2024, employees with a Health Saving Account (HSA) may elect to contribute up to an annual maximum of:
- $4,150 for self-only coverage
- $8,300 for family coverage
2023 Contribution Limits
For 2023, employees with a Health Saving Account (HSA) were able to elect to contribute up to an annual maximum of:
- $3,850 for self-only coverage
- $7,750 for family coverage
Questions? We are happy to help! Please reach out to Benepass Support for any assistance.