At Health Savings Administrators you have access to 22 Vanguard Funds - and unlike some of the competition, there is no required checking account.
We make it easy to reach a live person when you call. We pride ourselves on superior customer service and we staff our call centers with experienced, friendly and educated people.....just like you!
Contributions limits are based on your insurance coverage and age.
|Catch up (age 55 & older during the tax year)||$1,000||$1,000|
How to Make Contributions to your Account
Contribute funds to your HSA by mailing a check (payable to HSA Bank) to:
Health Savings Administrators
10800 Midlothian Turnpike
Richmond, VA 23235
Please include a completed Contribution Form.
Contributions can be made to your HSA using the Online Transfer system available through our custodian Bank, HSA Bank. To access, click here for customer log in page:
- Click the link under Debit Card that says “Click Here to Log into your HSA Bank account”
- New users- Click the green Sign Up button
- Then follow the instructions using your 8 digit Account number provided in your Welcome Letter or bank statement.
- Upon completion, you will receive a verification email from HSA Bank. You must click the link within that email to finish the sign up process.
- Log into your Internet Banking account and under the Transfer Tab you can add an external checking or savings account to make contributions to your HSA.
An ACH paper form is also available to set up reoccurring electronic contributions.
Contributions to your HSA can be made through an employer-sponsored health plan if your employer has set up a Section 125 Cafeteria Plan. With a Cafeteria Plan, your employer may payroll deduct your contributions from your paycheck on a pre-tax basis, which decreases your taxable income. Please contact your employer for more information on this option.
Transfer / Rollover
To make a transfer or rollover from an existing HSA, complete the HSA Application & Eligibility Form and the Health Savings Account Transfer/Rollover Request Form then submit both to Health Savings Administrators.
Transfers can also be made from an IRA by completing the IRA to HSA Transfer Form. Note: IRA transfers can only be done once-per-lifetime.
Before initiating a transfer or rollover of any kind, please consult a qualified tax advisor to understand any conditions or risks that may apply.
- You or your employer can make contributions. If your employer contributes, that amount must be shown on your W-2, box 12. If you contribute through your Employer's pre-tax program, this will also appear on your W-2, box 12. If you contribute direct (not through your Employer), you can deduct the contribution on your tax return.
- You can make contributions to your HSA until April 15th for the prior tax year.
- You can make the full year’s contribution any time after January 1 of the tax year.
Contribution Limits & Testing Period
Normally, you are permitted to contribute 1/12th of your annual maximum for each FULL month you are covered by the High Deductible Health Plan (HDHP). For example if you have single coverage and are covered for 6 of 12 months in the TAX year, you may contribute 6/12ths of the annual maximum. Some people want to maximize their contribution for the tax year so they contribute more than is permitted under the 1/12th rule. If you contribute any amount in excess of the 1/12th rule in the tax year you subject yourself to what is known as the “Testing Period.”
The testing period requires you to maintain the HDHP though the entire month of December of the current tax year AND all 12 months of the following tax year. The type of HDHP coverage (single or family) an individual has on December 1 governs the amount that an account holder is eligible to contribute for the year. If an individual fails to satisfy the testing period, the excess contribution amount is subject to taxes plus a 6% penalty.