After you enroll in the CDHP, your health savings account (HSA) with PayFlex will be set up. You can make contributions by payroll deductions (if offered by your employer), online by linking your bank account to your HSA account on the PayFlex portal or by mailing a check to PayFlex. You can change your payroll deduction amount up to once per month throughout the year. Any deposits made directly from your bank account or sources other than payroll deduction will need to be claimed on your tax return in order to get the tax benefit.
The IRS determines the maximum amount that can be contributed to your HSA. In 2020, you can contribute up to $3,550 (single) or $7,100 (family) annually on a pre-tax basis. If your employer contributes to your account, that is included in the annual maximum amount.
Individuals age 55 and older can make an additional annual catch-up contribution of $1,000.
State employees: Each time you make an HSA amount change, you will enter your total desired annual contribution amount in Edison employee self-service (ESS). Once a year the state will contribute $250 (single only coverage) or $500 (family coverage) into your HSA account. If the coverage effective date for a plan member is anytime from September 2through the end of the year, then the employee will not receive a contribution from the state (state and higher education employees).
Higher Education, Local education and local government employees: Check with your agency benefits coordinator regarding setting up payroll deduction. Your employer may also contribute money to your HSA. Please check with your agency benefits coordinator to find out if there is an employer contribution.