League City Contributions
If you enroll in the HDHP with HSA , you will receive an annual League City contribution of $1,500 for individual coverage and $2,000 for all other tiers into an HSA. This contribution is meant to partially offset the HDHP with HSA’s higher deductible.
There are several ways to contribute money to your HSA:
- Pre-tax contributions through payroll deductions
- After-tax cash contributions that are deductible when you file your taxes
- Catch-up contributions up to $1,000 per year if you are over age 55 (until you enroll in Medicare)
Total Annual Contribution Limit
It is important to note that your contributions, when combined with any contributions from League City, may not exceed the IRS annual maximum of $3,550 for individual coverage and $7,100 for family coverage in 2020. Note: Individuals 55 and older may make additional “catch-up” contributions up to $1,000 each year until they enroll in Medicare.
*You must be enrolled in a qualified high-deductible health plan to contribute to an HSA.