Annual contribution limits
2021 limits:
- An individual can contribute up to $3,600 (increase of $50 from 2020) for the year.
- An individual with family coverage can contribute up to $7,200 (increase of $100 from 2020) for the year.
2020 limits:
- An individual can contribute up to $3,550 (increase of $50 from 2019) for the year.
- An individual with family coverage can contribute up to $7,100 (increase of $100 from 2019) for the year.
2019 limits:
- An individual can contribute up to $3,500 for the year.
- An individual with family coverage can contribute up $7,000 for the year.
Don't forget: The federal income tax filing deadline and payment deadline has been extended from April 15, 2020 to July 15, 2020 (IRS Notice IR-2020-58). As a result, the amount of time that individuals have to make 2019 health savings account (HSA) contributions has also been extended to July 15.
If you are age 55 or older, you can contribute an additional catch-up contribution of $1,000 per year. If your spouse is also 55 or older, he or she may establish a separate HSA and make a “catch-up” contribution to that account.
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Special contributions
Build your HSA balance by transferring or rolling over funds from an IRA or another HSA.*
Request an IRA distribution
You can make a one-time contribution from a traditional IRA or Roth IRA into your HSA. Contact your IRA administrator to request a distribution. Keep in mind that the amount of the contribution cannot be more than you are eligible to contribute to your HSA for the tax year. If your employer contributes to your HSA, make sure to take that into account.
Transfer funds from another HSA
If you have an HSA from another bank that you want to close, you can transfer the funds to your Optum Bank HSA. To do so, download, fill out and send the HSA Rollover/Transfer Request Form to the previous administrator. This and other account forms are available after you log in to your account.
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Roll over funds from another HSA
If you want to move funds from an existing HSA to your Optum Bank HSA, you can request a distribution from your current administrator and send us a check with the HSA Rollover/Transfer Request Form. This and other account forms are available after you log in to your account.
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* Distributions, rollovers and transfers are subject to IRS restrictions. Please contact your tax advisor for information.