Reminder about 2020 Health Saving Account contributions
If you have a Health Savings Account, it’s important to remember the annual HSA maximum contribution amounts are set by the IRS.
It’s the employee’s responsibility to monitor their HSA and the contributions made to the account throughout the year. Contributions made to the account by you or by Asante will count toward the IRS maximum limit.
You can view total contributions to your HSA on the HealthEquity website at www.myhealthequity.com. Once logged in, go to My Account > HSA > Contribution History and update the year to 2020. The Contribution History page will display your 2020 HSA contribution totals, which you should compare to the IRS contribution limits.
The IRS contribution limits for 2020 are:
- Individual = $3,550
- Family = $7,100 (Defined as coverage for the employee and anyone else.)
- Catch-up contribution = $1,000 (For employees age 55 and older.)
For details on how much you’ve contributed via payroll, as well as Asante contributions, review your paycheck stub on myHR (Pay > My Payroll Documents).
What you see on your paycheck stub will not include post-tax contributions made to the account. Asante does not have access to the balance of your HSA at any time.
If you over-contributed to your HSA, go to the HealthEquity website and complete the HSA Mistaken Contribution form (Docs and Forms > General Forms) to remove excess contributions.
Additional questions? Call HealthEquity at (866) 960-8055.
If you need answers for a personal work matter, please contact the author or department directly.