After you enroll in the HealthSavings CDHP, your account with PayFlex will be set up. You can make contributions by payroll deductions, 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 at least 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 2017, you can contribute up to $3,400 (single) or $6,750 (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 and higher education employees: You will enter the amount you want to contribute to your HSA on a per-pay-period basis in ESS. The state will contribute $500 (single) or $1,000 (family) into your HSA account if you are enrolled in the Partnership Promise HealthSavings CDHP and you can make additional contributions. Employees in the No Promise HealthSavings CDHP can make their own contributions by payroll deduction, but for State and Higher Education employees neither the state or your college or university will contribute the $500 or $1000 seed funds.
If the coverage effective date for a plan member is anytime from September 2, 2017, through the end of 2017, then the employee will not receive any seed funding from the state (state and higher education employees).
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.