HSA Information
An HSA is a high deductible health plan and a health care savings account (HSA) all in one. The HSA is a tax preferred bank account used to pay for health care expenses (such as office visits and prescriptions) and to save for future ones (think 401(k) for healthcare). Because the HSA is a tax advantaged account, the IRS has set limits on HSA contributions as shown below. Once you reach the age of 65, you can use the money in your HSA for anything you choose without penalty from the IRS. You must be enrolled in an HSA compatible health plan to open and contribute to an HSA.
HSA Contribution Limits
The IRS annual limits for HSA contributions are as follows:
Under age 55:
Single coverage: $4,300
Family coverage: $8,550
Over age 55:
Single coverage: $5,300
Family coverage: $9,550
Opening a Health Savings Account (HSA) is easy. Simply contact Paylocity Member Services by using the number below. You can also contact the Benefits Service Center for help with your HSA or any of your other benefit plans.
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Member Services: 800.631.3539
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Paylocity Website: www.paylocity.com
HSA Documents
State Tax Information
While health savings accounts were created by the federal government, states can choose to follow the federal tax treatment guidelines or establish their own.
HSA contributions are not taxed by these states
- Arizona
- Arkansas
- Colorado
- Connecticut
- Delaware
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- Utah
- Virginia
- Vermont
- West Virginia
- Wisconsin
HSA contributions are taxed by these states
- Alabama
- California
- New Jersey
No state income taxes - HSA contributions are not taxed
- Alaska
- Florida
- New Hampshire
- Nevada
- South Dakota
- Tennessee
- Texas
- Washington
- Wyoming
HSA earnings (but not contributions) are taxed by these states
- New Hampshire
- Tennessee
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Enroll Now
If you've made your plan selections and are ready to enroll, click the button below to access our online enrollment system.
Enroll Now -
Benefits Service Center
If you have questions or need additional information feel free to contact the Benefit Service Center. Click below to get in touch.
Click Here to Email