IRS Limits and Guidelines
Each year, the IRS establishes guidelines for HSAs and qualified high deductible health plans (HDHPs) based on individual and family coverage:
Maximum contribution limit represents the maximum amount of tax-free savings you can contribute to your HSA each year. If you exceed this amount, you have until the tax-filing deadline to remove excess funds by submitting Excess Contribution Removal Form ($25 fee applies). If excess funds are not removed by the tax-filing deadline, you may be subject to tax penalties and/or IRS fees.
Catch-up contributions of an additional $1,000 can be made by accountholders who meet the qualifications noted below.
- Health Savings accountholder
- Age 55 or older (regardless of when in the year an accountholder turns 55)
- Not enrolled in Medicare (if an accountholder enrolls in medicare mid-year, catch-up contributions should be prorated)
Authorized Signers who are 55 or older must have their own HSA in order to make the catch-up contribution. These contributions can be made by check or through our Internet Banking service.
Minimum deductible is the deductible requirement for an HSA-compatible high-deductible health plan (HDHP).
Maximum out-of-pocket is the annual maximum amount of out-of-pocket expenses an HSA-compatible HDHP can require before paying out benefits.