Limits & Contributions

Before you launch your HSA, take a look at your health insurance coverage. To contribute, you must be covered under an HSA-eligible high deductible health plan (HDHP). An HDHP generally requires that you pay out of pocket for medical expenses incurred (excluding certain preventive care expenses) until your deductible is met. Plan coverage kicks in after that. An HDHP may be HSA-eligible if it satisfies the IRS’ annual deductible and out-of-pocket expense limits. But the rules that define an HSA-eligible HDHP can be complicated, so check with your insurance provider or employer to see if your health plan is HSA-eligible.

In addition to having HSA-eligible HDHP coverage, you:

  • Cannot be covered by another health plan (with limited exceptions)
  • Cannot be enrolled in Medicare, and
  • Cannot be eligible to be claimed as a dependent on another person’s tax return.

HSA eligibility is determined as of the first day of each month.

Contributions to your HSA

As long as you don’t go over the limits that apply to your type of insurance coverage, you can contribute as much as you want, as often as you want throughout the year until your tax return due date (generally April 15 of the following year). In fact, anyone can contribute for you, even your employer.

*These limits are subject to annual cost-of-living adjustments.

Open a Health Savings Account

Open an HSA

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