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Ways to Contribute to Your HSA

This page presents the different ways you can contribute money to your HSA.

Set up Direct Deposit from your paycheck

This type of HSA contribution happens before taxes are taken out of your paycheck. Work with your employer's benefits administrator to set up this type of contribution. 

You may need to provide your account number to your employer as part of this process. Follow the steps below to locate your account number.

  1. Log into www.SelectAccount.com.
  2. Choose the My Profile menu.
  3. Choose Plan Information.
  4. Select your HSA from the Account drop-down menu.
  5. Your account number is visible in the Account Number field. It should begin with "4411".
  6. Click on the ? icon in the Account Number field to get the routing number.

Make a one-time deposit

One-time deposits can be made from your personal bank account into your HSA account. You can make online contributions anytime by authorizing withdrawals from your savings or checking account or mailing your contributions to SelectAccount. 

Make a one-time deposit on www.SelectAccount.com

  1. Sign in to www.SelectAccount.com.
  2. Click the Deposits menu.
  3. Select Make a Deposit.
  4. On the Make a Deposit page, select your HSA from the Account drop-down menu.
  5. Select the bank account you want to transfer the money from.
  6. Select One-Time from the Frequency drop-down menu
  7. Enter the date that the transfer will be posted.
  8. Enter the tax year for the transfer.
  9. Enter the amount you want to transfer.
  10. Click Next.  The Make a Deposit Review page will be displayed.
  11. Review and confirm the information is correct.
  12. Click Submit.

Make a one-time deposit using the mobile app

  1. Tap the menu button in the top left corner.
  2. Tap Payment and Banking.
  3. Tap Make a One-Time Deposit.
  4. Enter the amount you want to transfer.
  5. Select the bank account you want to transfer the money from.
  6. Enter the date that the transfer will be posted.
  7. Enter the tax year for the transfer.
  8. Tap Make Deposit.

Schedule a recurring monthly deposit

You can set up reoccurring deposits from your personal bank account. You can choose both the amount and the date that deposits are added to your HSA each month. 

Schedule a recurring monthly deposit on www.SelectAccount.com

  1. Sign in to www.SelectAccount.com.
  2. Click the Deposits menu.
  3. Select Make a Deposit.
  4. On the Make a Deposit page, select your HSA from the Account drop-down menu.
  5. Select the bank account you want to transfer the money from.
  6. Select Monthly from the Frequency drop-down menu.
  7. Enter the tax year for the transfer.
  8. Enter the amount you want to transfer.
  9. Click Next.  The Make a Deposit Review page will be displayed.
  10. Review and confirm the information is correct.
  11. Click Submit.

Schedule a recurring monthly deposit using the mobile app

  1. Tap the menu button in the top left corner.
  2. Tap Payment and Banking.
  3. Tap Schedule a Monthly Deposit
  4. Enter the amount you want to transfer.
  5. Select the bank account you want to transfer the money from.
  6. Enter the date that the transfer will be posted.
  7. Enter the tax year for the transfer.
  8. Tap Make Deposit.

Frequently asked questions

Where do I find my account number?

You can find your account number in your online profile. 

  1. Log into www.SelectAccount.com.
  2. Choose the My Profile menu.
  3. Choose Plan Information.
  4. Select your HSA from the Account drop-down menu.
  5. Your account number is visible in the Account Number field. It should begin with "4411".
  6. Click on the ? icon in the Account Number field to get the routing number.
For new HSAs, are maximum contributions prorated on a monthly basis?
Annual HSA contributions for new HSAs are not prorated on a monthly basis as long as you are HSA- eligible on December 1 and maintain HDHP coverage throughout the subsequent 13-month testing period. The testing period begins on December 1 in the year the qualified HDHP coverage is obtained and runs through December 31 of the following year. The testing period is also called the “13-month rule.” Enrolling in an HDHP and establishing an HSA any time after January 1 triggers the “testing period” if you contribute the maximum amount to your HSA. If you do not satisfy the 13-month rule, contribution limits are prorated and tax consequences apply. See Chapter 5, Section 1.2 on page 37 for examples of pro-rated maximum contribution amounts.
What if contributions exceed the annual limit?

Any contributions over the IRS’s limit for the year are excess contributions. A six percent excise tax is imposed on the account holder for excess individual or employer contributions for each tax year. 

Excess contributions can't be counted as tax deductions and should be added back to your gross income.  Any income you earn from excess contributions counts as taxable income.

If an upcoming employer contribution will go over the limit, you must make every reasonable effort to notify your employer before the contribution is made. 

If you did contribute too much to your HSA, you can avoid the excise tax by withdrawing the extra contributions and any income earned from them before the tax return deadline.   Any extra earnings should be entered as “other income” on your tax return for the year.

What if I withdrew money from my HSA by mistake?

You can correct mistaken HSA withdrawals when there is clear evidence that amounts were distributed from an HSA because of a mistake. Repay the withdrawal no later than April 15 the following year. The repayment does not count as an excess contribution. 

If an error is made by SelectAccount in its role as the administrator, SelectAccount is responsible for taking corrective action.

Is the maximum contribution level adjusted if I move from family to single coverage, or vice versa?
Yes. You may contribute more if you move from single to family coverage. You can make a prorated contribution based on when coverage was in force or you can make the entire annual maximum contribution as long as the coverage is maintained through December of the following year. You may have to decrease contributions if you move from family to single coverage (the decrease will apply to any month in which single coverage was in force for a portion of the month). You can change your contribution election at any point, however you must ensure contributions do not exceed allowable amounts. See the Life Changes section for examples of prorated maximum contribution amounts.

If you experience a health insurance plan change--for example, changing from single to family coverage--make sure you update your health plan information in your profile on www.SelectAccount.com. This allows us to properly alert you when you're nearing your maximum contribution level.

Can employee pretax HSA contributions be changed throughout the year?

Yes. Eligibility requirements and contribution limits for HSAs are determined on a month-by-month basis. You can start or stop contributing or increase or decrease the amount at any time, if the change is made after the change request is received.

Can I roll over or transfer funds from an existing HSA or MSA to an account with another custodian?

Yes. The assets in your current account will be withdrawn and distributed to you. You must deposit the money into the new account with SelectAccount within 60 days of the withdrawal to avoid tax penalties.

SelectAccount can also transfer an existing account from another custodian to a new SelectAccount account.

If my HSA is set up midyear (after my FSA), can I change my FSA contributions for the rest of that year?

When your coverage changes, your contribution limit changes with it.

A change to family coverage will allow you to contribute up to the family limit. There are two ways you can do this:

  1. Make a prorated contribution based on when the family coverage was in effect.
  2. Make the full family annual maximum contribution, but coverage must be kept through December of the following year.

Changing to single coverage requires you to decrease the contribution amount for any month in which single coverage was in force for a portion of the month.

When your health insurance plan changes, update your health plan information in your profile on www.SelectAccount.com. This way, we can alert you when you're nearing your maximum contribution level.

Can I contribute to an HSA at the same time as an FSA and/or HRA?

You can contribute to an HSA while covered by the following types of medical FSAs and/or HRAs:

  • Limited purpose FSA and/or HRA
  • Suspended HRA
  • Post-deductible FSA and/or HRA
  • Retirement HRA

You cannot contribute to an HSA while covered by the following types of medical FSAs:

  • A general purpose medical FSA that pays for all eligible expenses
  • A general purpose medical FSA with a grace period (unless the FSA has a $0 balance at the end of the plan year)
Can an individual and their spouse have family HDHPs and HSAs?

Two spouses with a family HDHP have a maximum annual HSA contribution of $6,750 in 2017. This contribution limit applies whether each spouse has their own HSA or if only one member of the family has an HSA.  

The amount each spouse can contribute is split equally by default, but the family can change how the contributions are split if they so choose.

A family cannot share a joint HSA.  Each spouse who wants to contribute to an HSA must open a separate HSA. Money cannot be transferred between the HSAs. A spouse may use withdrawals from his or her HSA for the eligible medical expenses of the other spouse, without penalty. However, money cannot be withdrawn from two HSAs to pay for the same expense.  

Spouses with individual HDHPs can contribute up to $3,400 in 2017.  If the individual is age 55 or older, an additional $1,000 catch-up contribution can also be contributed.  See Catch-up Contributions to learn more.

For other tax situations, consult your tax advisor.

Is there a deadline for setting up and contributing to an HSA?

There is no deadline.  

HSAs can be created and contributed to at any time.  However, HSA set up and contributions must be completed before the tax return due date to apply to the current tax year.  Any contributions made after April 15 are applied to the following tax year. Extensions with the IRS do not affect this date.

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