Determine Contributions

Contributions can be made by the employee, employer, or both. The maximum amount that may be contributed to an HSA cannot exceed $3,150 (for individual coverage) or $6,250 (for family coverage). For individuals age 55 or older, a “catch-up” contribution can be made to the HSA. The amount of the additional “catch-up” contribution is published annually by the U.S. Treasury Department. The money accumulated in the HSA may earn interest without being subject to federal income tax.

About tax deductions
Up to certain limits, contributions to an HSA are tax deductible ($2,850 for single coverage and $5,650 for family coverage). You’ll receive your tax deduction on a pre-tax basis if your employer deducts your contribution before taxes are applied. Otherwise, you’ll take a tax deduction at the end of the year.

Determining your maximum allowable contribution
Our HSA contribution calculator can help you determine how much to contribute.