Question:
Do I need to make an employee contribution to the HSA account to receive the employer seed money?
Answer:
The health system contributes to the HSA funds of all employees who select the HSA Advantage Plan for medical coverage. The health system contributes $250 for employee only coverage and $500 for employee and any combination of family members.
It is not necessary to contribute to the HSA to receive the seed money from the health system. You may choose to contribute $0 or any other amount up to the IRS contribution limit, and you will receive the employer seed. The IRS contribution limit is $3,600 for an individual and $7,200 for a family. Employees 55 and older may contribute an extra $1,000.
Question:
When will I receive the employer seed into my Health Savings Account?
Answer:
The health system will make the deposit to your account on January 1, 2021.
