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Putting Money In Your HSA

An HSA works much like other savings vehicles, you put money in, it earns a return, and you spend it.  Let’s look at the putting money in part. Who can put money into your HSA? 

Money may be deposited into your HSA only if:
- you are covered by a
- not covered by a non-HDHP health plan
- not enrolled in Medicare
- cannot be claimed on anyone els
e's tax return

So how much can go in?  For:
  2016 2017
Individual $3,350 $3,400
Family $6,750 $6,750
Age 55 or older additional $1,000 additional $1,000
Whether you are an individual or a family depends on who is covered under the High Deductible Healthcare Plan or HDHP.  If your have a family and only you are covered, then you can put in $3,300 in 2014 but use the money in the account for the whole family.  These maximums are regardless of who puts the money in.  If you are covered by a HDHP only part of the year, these amounts are prorated. To figure your annual contribution limit, use this HSA Contribution Calculator Tool.

When can you put the money in?  Any time during the year that you are covered by the HDHP and up to tax day for that year.  You could put the maximum in as one lump sum or make daily deposits if you wish. 

How and when do you get your tax savings?  If you have money deducted right from your paycheck and deposited into your HSA under a cafeteria plan, you receive your tax savings right at the time of your paycheck.  No payroll taxes are assessed on that part of your paycheck and most people will save approximately 25% in taxes depending on your tax status.  If you or anyone else deposits money in your HSA, you claim that as a tax deduction at the time you file your tax return.
Contact Information:
Rockford Insurance in Michigan
PO Box 265
Rockford, MI 49341
Phone 616.361.2550
The Rockford Insurance promise that gives peace of mind

Our mission is to make insurance "a promise that gives peace of mind". We understand that insurance is a promise, a promise that when sickness, accident or death occurs, the insurance will provide a source of funds to help make you whole again. The promise isn't only the insurnace policy but also the on-going service and personal care needed during a time such as this.  
Our complete Mission Statement