Personal Section Left-Column Header ImagePersonal Section Left-Column Header Text Image
  • online account login header

    Demo  |  Enroll

    Demo  |  Enroll

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.

       

        Equal Housing Lender LogoAn Equal Housing Lender. Member FDIC.