Contributing to Your HSA
After you have opened your Chase Health Savings
Account (HSA), making contributions to your account is an easy process.
Individual Funding Methods
- You can make one-time or recurring deposits from your checking account via the secure HSA website
- Deposit a personal check with an HSA deposit slip
- Roll over funds from another HSA
Set up payroll deductions with your employer—an ideal funding method, as you contribute your pre-tax dollars to your account.
The annual amount you can contribute to an HSA is set by federal regulations. For 2013, the maximum annual contribution is $3,250 for self-coverage and $6,450 for family contributions. In 2014, the limits increase to $3,300 and $6,550. If you're 55 or older, you can make catch-up contributions. Our contribution calculator can help you determine your individual maximum.
What's great about the HSA is that you can tailor your contribution strategy to meet your needs:
Preserve your current cash flow – If you're on a tight budget and you'd like to maximize your disposable income, start with small contributions whenever you can afford them and then add funds when you incur a medical expense. You can immediately reimburse yourself to get the tax savings.
Grow with slow and steady contributions – Fund your account monthly or bi-monthly with recurring transfers from your checking account or payroll deductions. Money in your HSA is FDIC-insured and earns interest tax-free. Once your balance reaches $2,000, you can add an HSA Investment Account and have access to a number of mutual funds, each investing in different types of securities with distinctive risk and return characteristics.
Time your contributions to your advantage – You can make contributions to your HSA for a given year as late as the tax filing date for such year (generally April 15 of the following year). Remember though, it's a good idea to fund your account as early in the year as possible to maximize your annual growth potential.