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Health Care FAQs
HSA Contribution FAQs
Who can contribute to an HSA?
Contributions can be made by anyone on behalf of the eligible individual.
How do I contribute to an HSA?
You can contribute to an HSA in a lump sum or in any amounts or frequency you wish. However, account trustees and custodians (bank, credit union, insurer, etc.) can impose minimum deposit and balance requirements.
Is there a limit on how much can be contributed to an HSA and written off on taxes each year?
Yes. The most that can be put into an account for 2010 is $3,050 for single coverage and $6,150 for a family. These amounts will be increased for inflation in future years. In addition, individuals 55-years old and above are allowed an additional catch-up contribution of $1,000 per year.
Can couples establish a "joint" account and both make contributions to the account, including "catch-up" contributions?
"Joint" HSA accounts are not permitted. Each spouse should consider establishing an account in his or her own name. This allows you to both make catch-up contributions when each spouse is 55 or older.
