So here it is, it’s October! Can you believe it? Where did the year go? There are so many things that come at you this time of year, back to school, changing weather, the holidays…. You find yourself thinking, if there is one more thing for me to remember, I just may fall over!
But wait, there’s one more thing…
Have you funded your HSA? Relax, take a breath and be calm. You still have time.
The great thing about an HSA is how funding it is entirely up to you. You can fund it fully at the beginning of the year. You can break the funding into months. You can fund it quarterly. It’s up to you.
There are those that fully fund at the beginning of the year. And those who break it into monthly payments or fund quarterly. Funding is always your choice.
We use a simple formula for monthly funding.
You take the HSA annual maximum allowed ($3,300) and divide by 12 to get the monthly contribution amount ($275). You then multiply that by the numbers of months you want to fund for. If you are funding monthly, at October your funding would total $2,750 into your HSA.
We use the same formula for family coverage. $6,550 divided by 12 = $545.83 per month .
And don’t forget, if you are 55 or older, you can also make the catch up contribution of $1,000.
With an HSA, you have until April 15 of the following year, or when you do your taxes, whichever comes first, to fund your HSA. That means, if you have been focusing on all the other stuff of life, kids-work-school-life changes big and small, you haven’t missed your opportunity to fluff up your HSA blanket.
*And don’t forget, make sure you send your contributions directly to American Health Value. As your administrator, we monitor all your contributions so that you don’t over contribute. We act as your advocate if you ever need any assistance with issues with your account. We are here to give you the information you need to use your account correctly, and to give you peace of mind. It’s one less thing to think about.
So go ahead, put the lawn mower to bed, put the pumpkins on the porch and relax, you still have time to fund your HSA!
Blog Written By: Robin Vankleek
Images Courtesy of: Robin Vankleek
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