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Have questions about HSA contributions? We’ve got answers

Who can contribute to your HSA? When should they do it? How much is enough? HSA contributions can be confusing, we get it. Luckily, where you’ve got questions, we’ve got answers.

Have you heard the good news about health savings accounts (HSAs)? They’re an ideal choice for people with high-deductible healthcare plans (otherwise known as HDHPs) to set aside money for medical expenses.

An HSA fund gives you a triple tax break. This means that the contributions made to your HSA are sheltered from income taxes, the money grows tax-free within your account, and funds can be used tax-free on eligible healthcare expenses.

So, how do you grow this savings account quickly, maximizing all of its benefits? Well, there are a few ways, but our favorite way to build a stash of money? Contributions!

Who Can Contribute to My HSA?

Who do you think is allowed to contribute to your HSA?

  1. You
  2. Employer
  3. Mom or Dad
  4. Grandpa or Grandma
  5. Anyone

If you guessed #5, you’re right! Anyone can put money in your HSA. In fact, even that neighbor from down the street who appreciated your help setting up his smartphone can contribute. Health savings accounts do not restrict who can contribute.

How will you benefit from these contributions? You’ll receive a tax deduction for the amount added to your account, while instantly getting a boost in your savings! You may get so excited about this perk that you’ll ask for HSA contributions instead of gifts on your birthday 😉

Are your parents looking for a way to invest in your health? Then share this little-known tip with them.

“If you have a working child who is starting out with an HSA, you can help them by putting in the balance to maximize their annual contributions.” This from Cynthia Turoski, a CPA and managing member of The Bonadio Group, a financial consulting firm. “It’s considered a gift (which itself has a limit of $15,000 per child per year), but you can put it directly into an HSA, and the child gets the tax benefit.” (

Your parents’ generosity will be a gift towards your good health.

If you get your HSA through your work, find out if you receive employer contributions. Some employers may provide a small amount and others may fund your entire HSA. Any amount is like receiving extra money for your healthcare – a great bonus!

How Can I Contribute to My Own HSA?

Putting money into your own HSA is super easy. Start growing your account by contributing from:

  • Your paycheck. Your employer may allow you to have your HSA contribution deducted automatically from your paycheck. If that’s the case, you will not be taxed on the money that’s transferred to your account. By making your contribution automatic, you’re more likely to stick to saving and you’ll enjoy watching the HSA funds steadily grow. What’s the reward? More free time to plan your next vacation.
  • Your bank account. You can have the HSA account manager set up an automatic withdrawal from your checking account directly to your HSA. The contribution is tax-deductible. You can choose the amount of the contribution and the day of the month for the transfer.

A good old-fashioned check. You may prefer to write a check to the HSA or send a certified check or money order.

How Much Can I Contribute to My HSA?

Under 2023 HSA rules, the maximum contribution is $3,850 for individuals and $7,750 for families, according to the Internal Revenue Service (IRS)–and those numbers remain true until the tax deadline next year.

Be sure to check and see whether or not you reached your contribution limits before sending more dough that way. Contributions from yourself, your employer, your Mom, whomever (!), count toward your limit.

In 2023, the annual limit on HSA contributions is $3,850 for individuals and $7,750 for family coverage. 

And then of course there are catch-up contributions. If you’ll be 55 or older by December 31, you can put away an additional $1,000 for that year. The maximum amount for catch-up contributions in 2023 is $1,000.

Learn more about the benefits of an HSA here.