Watch Your HSA Contributions, Keep Uncle Sam Happy

From the February 2015 Benefits eNews

BMC restricts payroll deductions and contributions (BMC’s and yours) to ensure you do not exceed the annual IRS limits. But if you deposit a personal check into your HSA that results in you exceeding the annual limits, BMC will not automatically turn off your payroll deductions. You are responsible for:

  • Ensuring your total annual contributions to your HSA do not exceed IRS limits,
  • Contacting Your Spending Account (YSA) to discontinue regular payroll deductions if you make a lump-sum contribution to your HSA.

HSA Annual Limits for 2015

For 2015, you are only allowed to deposit $3,350 for single coverage ($6,650 for family coverage) to your HSA. And you can contribute $1,000 more if you are 55 or older. These limits include BMC contributions to your account. If you don’t reach the contribution limit during the year, you can make a tax-deductible contribution directly to your HSA at UMB Bank before the federal income tax filing deadline on April 15, 2016.

If You Over Contribute

If you contribute more to your HSA than what the IRS allows, you have an “excess contribution.”

  • You can withdraw that amount as well as any earnings on that amount. You have until the April 15th deadline to file federal incomes taxes to do this. You will have to pay income tax on the excess contribution but you won’t have to pay a tax penalty.
  • If you don’t withdraw the excess contribution by the tax filing deadline, the IRS may charge you a 6% tax penalty every year if the excess isn’t corrected by the tax filing deadline,

Remember, if at any time during the year you stop meeting the HSA eligibility requirements — for example you switch to the PPO or HMO medical plan or enroll in Medicare — you are no longer eligible to contribute to your HSA. You can, however, still continue to use the money in your account for eligible medical expenses. 

How to Change Your HSA Contribution

You can change your HSA contribution any time during the year. Log on to My BMC Benefits & Compensation, click on Your Benefits Resources and follow these steps to make the change. You can also call 1-877-262-4849 and select Your Spending Accounts.

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