Don’t forget—you can change the amount you contribute to your HSA as many times as you want during the year. You’re not locked into the contribution amount you elected during the benefits enrollment period.
The HSA is flexible to help you with changing needs and priorities during the year. Let’s say your budget is really tight for a month or two, you might consider lowering your HSA contributions for a few months to help with your immediate cash flow needs. (Just remember that you’ll miss out on the tax advantages the HSA provides.) If you’ve got some “wiggle room” in your budget and you want to take advantage of even greater tax savings and grow your balance even faster, you can increase your HSA contributions.
Reminder: The IRS limits before-tax contributions you can make to your account. For 2012, the limits are $3,100 for employee-only coverage and $6,250 for all other coverage levels. You can contribute another $1,000 if you are age 55 or older.
Here’s how to change your HSA contribution:
Good to know—These rules apply only to Health Savings Accounts, not the Health Care Flexible Spending Account (HCFSA). You must have a life event to change your HCFSA elections during the middle of the year.
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Go online anytime or call 877-262-4849. Representatives are available from Monday through Friday, 8 a.m. to 9 p.m., Eastern time.
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