You can make contributions at any time. Remember, deposits from any source cannot exceed the maximums allowed by law. You can make contributions any time up to April 15 of the NEXT YEAR and count those deposits toward your contributions for THIS YEAR. No deposits can be made until you have a qualified high deductible health plan in place.

Contributions may be made by or on behalf of eligible individuals even if the individual has no compensation or if the contributions exceed their compensation. While individuals & family members can contribute, HSA contributions may not be made by anyone who can be claimed as a tax dependent. Once age 65 (Medicare eligibility age) is attained, no contributions (including catch-up) can be made.

If you are at least age 55 at any time during the tax year, the annual HSA contribution limit is increased by $700 for 2006 (this amount increases by $100 annually to an additional $1,000 in 2009). If you are eligible to contribute to your HSA for the full year, you can make the full catch-up contribution regardless of when your 55th birthday falls during the year.

You may not be enrolled in another health plan that is not a high deductible health plan, including Medicare.* You or your spouse may not participate in a "general purpose" Health Care Flexible Spending Account (FSA) or Flexible Reimbursement Account (FRA). A general purpose Health Care FSA can be used to reimburse expenses that are covered by the health plan. Please note that you can continue to participate in a "limited purpose" Health Care FSA.

No. SEPs are funded by employer contributions only. However, catch-up contributions can be made to the IRAs that hold the SEP contributions if the SEP-IRA documents allow. The catch-up IRA contribution amount (for employees age 50 and older) is $1,000 for 2006 and later years.

Individuals 55 and older who are covered by an HDHP can make additional catch-up contributions. They may make contributions anticipating medical expenses that will not be covered under Medicare - such as a portion of prescription drug costs or Medicare Part A & B premiums. For individuals age 55 and older, additional catch-up contributions to HSA allowed

Yes, if both spouses are eligible individuals and both spouses have established an HSA in their name. If only one spouse has an HSA in their name, only that spouse can make a 'catch-up' contribution. Each spouse is eligible to contribute to an HSA in their own name, up to the amount of the deductibles under their respective policies. However, each spouse's contribution cannot exceed the contribution limit of $2,850 for individuals for 2007.

Yes, if both spouses are eligible individuals and both spouses have established an HSA in their name. If only one spouse has an HSA in their name, only that spouse can make a “catch-up” contribution. Each spouse is eligible to contribute to an HSA in their own name, up to the amount of the deductibles under their respective policies. However, each spouse’s contribution cannot exceed the contribution limit of $2,850 for individuals for 2007.

If you're 55 or older at any time during the calendar year, you can deposit additional funds to help your account "catch up" before retirement. The maximum annual catch-up contributions are:

No, you can contribute in a lump sum or in any amounts or frequency you wish. However, keep in mind that the funds belong to the employee after they are deposited.

Money you deposit in your HSA qualifies for an "above-the-line" deduction. If a relative or friend makes a gift contribution to your HSA, you still receive the tax deduction. However, you do not get tax breaks on the contributions your employer makes.

Catch-up contributions can be matched. This is presently not a provision in the adoption agreement. It is presumed that catch-up contributions are matched unless your company establishes an administrative procedure to not match catch-up contributions.

Catch up contributions are allowed in IRA's, 403(b)'s and 401(k) plans. Participants are eligible for the catch up contribution as long as they obtain age 50 or older by the last day of the calendar year.

The employer does not have to begin the makeup contributions until after the veteran returns to civilian employment with the same employer. The employer's makeup contribution period is equal to three times the period of qualified military service - not to exceed five years.

A rehired veteran has up to three times the period of service - not to exceed five years - to make up missed employee contributions. The amount of makeup contributions is subject to the limits that would have applied during the military service period. Return to List of FAQs

No. The University's retirement plan does not provide for Contributions to be made on an after-tax basis.

A Health Savings Account (HSA) is an investment account from which you can draw money tax-free for medical care. HSAs are owned by the individual and grow through investments, similar to an IRA. HSAs have favorable tax treatment for contributions, distributions and earnings. They are available to individuals covered by a high deductible health plan (HDHP) and can be established to pay for family medical expenses.