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How do I fund my HSA?
There are two ways to fund your HSA:
- Payroll deductions. You can designate how much to contribute to your HSA through the HealthEquity portal (accessible once logged into www.bcbsm.com/som) if you are enrolled in the State HDHP. The state will then deduct that amount from your paycheck, before taxes are deducted, throughout the plan year. You can change this amount anytime.
Note: The contribution election you make via HealthEquity's portal will take effect with the next administratively available paycheck and will remain in effect until you change your election. You are responsible for making a change to stop your election (by entering $0) once you reach the annual maximum contribution amount or otherwise become ineligible to contribute to an HSA. Any One-Time contribution election you make will be made in addition to any per-paycheck election you may have set up.
- Direct contributions. You can contribute additional funds to your HSA anytime. While these contributions aren't tax-free, they can be deducted on your tax return. Keep in mind that you only can access funds that have been deposited by you or the state. Unlike an FSA, your HSA does not fully fund your individual contributions on the first day of the plan year.