HealthEquity
HSA CONTRIBUTING QUIZ
Progress
1. When can you change your HSA contribution election amount?
*You can change your HSA contribution amount at any time; however, make sure you do not contribute more than the allowed maximum per year.
*You can change your HSA contribution amount at any time; however, make sure you do not contribute more than the allowed maximum per year.
2. You will lose your HSA funds at the end of the year if you do not use them.
*HSA funds never expire, and any unused funds rollover each year. You own the account, and it stays with you even if you change jobs or retire.
*HSA funds never expire, and any unused funds rollover each year. You own the account, and it stays with you even if you change jobs or retire.
3. You can contribute to an HSA regardless of which health plan you are enrolled in.
*In order to contribute to an HSA, you must be a participant in an eligible HSA-powered health plan, must not be covered by any other health insurance, and cannot be claimed as a dependent on anyone else’s tax return.
*In order to contribute to an HSA, you must be a participant in an eligible HSA-powered health plan, must not be covered by any other health insurance, and cannot be claimed as a dependent on anyone else’s tax return.
4. At age 55+, you can make an additional catch-up contribution each year in the amount of:
*The year you turn age 55 and every year thereafter, an additional $1,000 per year catch-up contribution is allowed.
*The year you turn age 55 and every year thereafter, an additional $1,000 per year catch-up contribution is allowed.
5. Who can contribute to an HSA?
*Anyone can make a deposit into your HSA, but as the account owner, you are the only one to receive tax benefits from those contributions.
*Anyone can make a deposit into your HSA, but as the account owner, you are the only one to receive tax benefits from those contributions.
6. You can contribute to an HSA once you are retired.
*Once you start receiving Medicare benefits, you are no longer able to contribute to an HSA, but are still able to use those funds. If you retire before being Medicare-eligible, and remain on an HSA-compatible health plan, you are still able to contribute to your HSA.
*Once you start receiving Medicare benefits, you are no longer able to contribute to an HSA, but are still able to use those funds. If you retire before being Medicare-eligible, and remain on an HSA-compatible health plan, you are still able to contribute to your HSA.
7. When is the last day you can contribute to your HSA for any given tax year?
*You can contribute to your HSA until the tax-filing deadline for that year (without extension).
*You can contribute to your HSA until the tax-filing deadline for that year (without extension).
8. If you have HSA-powered health coverage from June to December, you can maximize your contributions for the entire year, regardless of future medical coverage.
*Even if you are not covered under an HSA-powered health plan for the entire year, you can still maximize your contribution for that year, given that you maintain HSA-qualified coverage for the next 12 months.
*Even if you are not covered under an HSA-powered health plan for the entire year, you can still maximize your contribution for that year, given that you maintain HSA-qualified coverage for the next 12 months.
9. How are you able to make HSA contributions?
*Contributing to your HSA is easy, you can elect payroll deductions through your employer, initiate EFT transfers online if your custodian allows, or even mail in a check or money order.
*Contributing to your HSA is easy, you can elect payroll deductions through your employer, initiate EFT transfers online if your custodian allows, or even mail in a check or money order.
10. You are able to transfer an existing HSA from one custodian to another without affecting your contribution maximum for the year.
*Transfers from HSA to HSA is permitted as long as you are the owner of both accounts. These transfers do not affect the current year’s contribution limits.
*Transfers from HSA to HSA is permitted as long as you are the owner of both accounts. These transfers do not affect the current year’s contribution limits.