There are two ways you can contribute to your HSA:
- Set up automatic paycheck contributions. You elect an annual amount, and each month, a prorated amount will be deducted from your paycheck before taxes and contributed to your HSA. You may update your contribution election at any time during the year.
- Make a one-time lump-sum contribution. At any time in the year, you may contribute a lump-sum to your account. Since your paycheck contributions are deposited into your account month-by-month, it can take a long time to accumulate finds in your HSA. You may want to consider a lump-sum contribution if you want money available at the beginning of the year or, find yourself with an unexpected bill, and want to contribute enough to cover the cost of the service. When you make a lump-sum contribution, you receive the tax savings when you file your taxes for that year.
Regardless of which way you choose to contribute to your HSA, you are responsible for making sure your total annual contribution does not exceed the annual IRS limit.
To set up automatic contributions or make a one-time contribution:
- Type benefits in your browser.
- Click Health Savings Account.
- Click Make Contribution under Contributions.