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Home > Personal Banking > Health Savings Account > Contributing to a Health Savings Account
  • 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 expense, the funds are tax-free
    • Funds rollover from year to year and funds used after age 65 are used tax-free for eligible expenses including Medicare premiums or at your normal tax rate for any other reason

    Contributions Are:

    • Tax-deductible for the account holder unless made by the employer
    • 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)
    • Catch-up contributions for those 55 and older are $1,000

    How to Make Contributions:

    • At a branch by simply making a deposit to your account
    • Mail a check
    • Payroll deduction
    • Transfer within Online Banking
    Deductible Requirements

    Year 2015

    Year 2014

    Single

    Family

    Single

    Family

    Minimum Deductible Requirements

    $1,300

    $2,600

    $1,250

    $2,500

    Maximum Out-of-Pocket

    $6,450

    $12,900

    $6,350

    $12,700

    Maximum Contribution

    $3,350

    $6,650

    $3,300

    $6,550

    The deadline for contributions is the same as your tax filing deadline excluding extensions.
    For most individuals this is April 15.

     

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