One-Time Contributions to Your HSA
Q: How can I contribute to my HSA?
A: There are three ways you can contribute:
1. Bi-weekly payroll deductions taken directly from your paycheck
2. One-time contributions outside of bi-weekly payroll deductions
a. Bonus awards such as Performance Plus Incentive
b. Paid Time Off (PTO) Cash-in (Paid in May and December)
c. Any other one-time contribution you request from a paycheck
3. Contributions to your HSA from personal accounts or transactions outside of CHS
Q: What happens to my bi-weekly HSA payroll deduction if I contribute my Performance Plus Incentive to my HSA?
A: Your Performance Plus Incentive counts TOWARD your annual election. Bi-weekly HSA deductions will adjust to
satisfy the remaining annual election. This means less will be taken out of each paycheck unless you change your annual
election.
For example:
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You elected to contribute $1,100 to your HSA during Open Enrollment via bi-weekly payroll deduction ($1,100 ÷
26 pay periods = $42.00 bi-weekly payroll deduction)
You contributed $1,000 of Performance Plus Incentive to your HSA
Your remaining annual election is $100, which will adjust your bi-weekly payroll deductions ($100 ÷ 26 pay
periods = $3.48 bi-weekly payroll deduction)
Note that you may change your bi-weekly payroll deduction at any time (see below).
Q: What if I want to increase or decrease my annual election to my HSA?
A: You may change your annual election at any time, using the 2016 Health Savings Account Contribution Change
Request Form. PeopleConnect > Human Resources > HR Forms > 2016 Health Savings Account Contribution Form
The amount inserted in this space will
become the NEW annual election amount
and bi-weekly deductions will adjust on the
following payroll. Any one-time payments
you make will be deducted from this
amount.
Q: What happens to my bi-weekly HSA payroll deduction if I elected to contribute my PTO Cash-in for May or
December?
A: Your PTO Cash-in counts TOWARD your annual election. Bi-weekly HSA deductions will adjust to satisfy the remaining
annual election. This means less will be taken out of each paycheck unless you change your annual election.
For example:
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You elected to contribute $1,100 to your HSA during Open Enrollment via bi-weekly payroll deduction
Next, you elected to contributed $500 of your PTO Cash-in to your HSA
Once your $500 PTO Cash-in is contributed to your HSA, remaining bi-weekly payroll deductions will be less,
unless you change your annual election
The deadline for submitting 2015 PTO Cash-in Elections for 2016 payouts was December 31, 2015. For teammates who
elected PTO Cash-in — if you would like to contribute your PTO Cash-in dollars to your HSA, you must submit a 2016
Health Savings Account Contribution Form. The 2016 Health Savings Account Contribution Forms for PTO Cash-in will be
due by April 1, 2016 for the May payout and by November 1 for the December payout.
Available HSA Resources:
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CHS:
o 2016 Enrollment Guide
o 2016 CHS LiveWELL Health Plan Summary
o Your Health and Retirement at CHS Slide Calculator
Bank of America
o www.bankofamerica.com/benefitslogin
o 866-731-4206