Health savings accounts (HSAs) are a great way to save money for healthcare costs. But what if you need to change your contribution amount outside of the annual open enrollment period? Can you do that? The answer is yes, but there are some limitations.
What are HSAs?
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HSAs are tax-advantaged savings accounts that can be used to pay for qualified medical expenses. Contributions to HSAs are made on a pre-tax basis, which means that they are deducted from your income before taxes are calculated. This can save you money on your taxes.
Can you adjust HSA contributions outside of open enrollment?
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Yes, you can adjust your HSA contributions outside of open enrollment. However, you can only do this once per calendar year. If you need to make changes to your HSA contributions, you should contact your HSA provider.
How do I adjust my HSA contributions?
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To adjust your HSA contributions, you will need to contact your HSA provider. You can usually do this by logging into your online account or by calling customer service. Once you are logged in, you should be able to change your contribution amount.
What are the limits on HSA contributions?
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The amount that you can contribute to your HSA is limited by law. For 2023, the contribution limit is $3,850 for individuals and $7,750 for families. If you are age 55 or older, you can make an additional catch-up contribution of $1,000.
HSA Contribution Limits
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The table below shows the HSA contribution limits for 2023 and 2024:
| Year | Individual | Family | Catch-up contribution (age 55 or older) |
|---|---|---|---|
| 2023 | $3,850 | $7,750 | $1,000 |
| 2024 | $3,900 | $7,900 | $1,000 |
If you contribute more than the annual limit to your HSA, you will be subject to a 6% excise tax on the excess amount.
Conclusion
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HSAs are a great way to save money for healthcare costs. If you need to make changes to your HSA contributions, you can contact your HSA provider.
