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How and when do I contribute to an HSA?

Contributions to a Health Savings Account can be made by the account owner, an employer, or both each year the account owner is eligible.
Total contributions are limited annually and can be made up to the amount of the plan deductible, not to exceed annual limits.
Contributions can be made as late as April 15 of the following year, like an Individual Retirement Account. However, all contributions will be assumed to be made for the current tax year unless deposited in-person at a Merchants Bank location and designated for the prior year by completing a Previous Year Contribution form.

How can I learn more?

Visit the IRS website for a Complete IRS Guide to Understanding HSAs.

How do I determine my HSA contribution?

Annual contribution limits change from year to year. Visit www.irs.gov to determine your eligible yearly contribution or consult your tax advisor.

What can I spend the money in my HSA on?

The money in an HSA is to pay for any “qualified medical expense” permitted under federal tax law, including medical expenses for yourself, your spouse or your dependent children. You may use your HSA to pay for expenses incurred by your spouse or dependent children even if they are not covered by a high deductible health plan.
For a complete listing, please visit www.irs.gov or consult your tax advisor. Any amounts used for purposes other than to pay for “qualified medical expenses” are taxable as income and may be subject to tax penalties; tax penalties in certain situations, such as attaining age 65, do not apply (consult your tax advisor).

Who can have an HSA?

Any adult can contribute to a Health Savings Account if they:

Have coverage under an HSA-qualified “high deductible health plan” (HDHP)
Have no other first-dollar medical coverage (with limited exceptions)
Are not enrolled in Medicare
Cannot be claimed as a dependent on someone else’s tax return

Why would I want to open an HSA?

Health Savings Accounts have many advantages, including:

Flexibility – Use funds in your health savings account to pay for current medical expenses, including expenses that your insurance may not cover, or save the money for future needs.
Control – You make all the decisions about how much to contribute (within the defined guidelines), when to withdraw and which financial institution will act as custodian.
Portability – Accounts are completely portable, meaning you can keep your health savings account even if you:
- change jobs
- change your medical coverage
- become unemployed
- move to another state
- change your marital status
Ownership – Funds remain in the account from year to year. There are no “use it or lose it” rules for HSAs. Upon the death of the account owner, HSA assets pass to a designated beneficiary.
Savings - An HSA provides federal tax savings in the form of tax-deductible contributions, tax-free earnings and tax-free withdrawals for qualified medical expenses (consult your tax advisor).

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