Health Savings Account (HSA) 101

Updating your HSA Election

You can start, stop, increase or decrease your HSA election at any time during the year. 

The IRS sets an annual contribution limit each year that you'll want to be aware of when making these changes.

Some common reasons you may need to modify your HSA election include:

  • You are anticipating some additional medical expenses, and would like to increase your contribution.
  • You have contributed a "lump sum" amount for the year to your HSA and need to reduce your regular contributions down to zero to avoid exceeding the IRS limit.
  • You are no longer enrolled in an eligible HDHP and need to stop contributions until you are eligible again.

To change the amount of your HSA election, you will need to contact your employer's payroll or benefits team. Once this change is made with your employer, your Benepass account will be updated accordingly.

 

Questions? We are happy to help! Please reach out to Benepass Support for any assistance.

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