We are half way through the year. What’s your Health Savings Account (HSA) balance? If you won’t reach the IRS annual limit by year-end, there’s still time to maximize your contributions. You’ll reduce your 2014 taxable income and your tax bill.
The annual HSA contribution maximum varies based on who you cover and your salary. Keep in mind that both your contributions and BMC’s count toward your maximum. The 2014 maximum HSA contribution is $3,300 for "you only" coverage or $6,550 for other coverage levels. If you are 55 or over, you can add $1,000 to the limit. You can start, stop or change your HSA contributions at any time during the year.
When are contribution changes effective? HSA contribution changes take effect on the first day of the following month, depending on the payroll deadline. See the Payroll processing deadlines here or from the BMC intranet by clicking through this path: Benefits & Pay > All US Benefits and Pay > U.S. Payroll > 2014 Payroll Cut-off Schedule.
BMC July contribution. BMC will deposit the second company-provided contribution to HSAs in July. The July deposit is 50% of BMC’s total annual contribution.
Keep your money. HSA money (including the BMC contribution and interest earned) is yours until you use it – whether that’s next year, three years from now or into retirement. Unused money rolls over from year to year. Plus, once your balance grows high enough, you can invest your HSA to help it grow over time. Read the April Benefits eNews article, “One HSA…Many Ways to Save,” to learn more about investing your HSA.
MyBMC Rewards provides a snapshot of your pay, retirement benefits, health and insurance benefits and corporate programs. Visit MyBMC Rewards to:
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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