Overview
Each Health Spending Account (HSA) type comes with its own minimum monthly contribution amount.
Minimum amounts make sure that Members have enough funding available to reimburse eligible medical expenses through their benefit period!
No matter what type of HSA you select, you're still reaping the benefits of having an HSA!
What're those benefits, you ask? Check them out in What’re the benefits of an HSA.
Here’s a breakdown of the minimum contributions for each HSA type, so you can choose the option that fits best for your team.
The details
HSA Classic
The minimum monthly contribution is $75/member/month.
This amounts to $900/member/year, which can make a reasonable impact on the average Plan Member's medical expenses.
HSA Rollback
The minimum monthly contribution is $75/member/month.
This amounts to $900/member/year, which can make a reasonable impact on the average Plan Member's medical expenses.
HSA Rollover
The minimum monthly contribution is $200/member/month.
Why is it higher, you ask? Because in order to get the full value of the Rollover, Plan Sponsors should ensure the HSA is funded sufficiently to allow unused funds to be invested in the RRSP at the end of a Benefit Period. Under-funding means Plan Members miss out on this valuable feature.
HSA Select
The minimum monthly contribution is $250/month.
As an individual with a corporation you can benefit by using these business-contributed funds to reimburse your eligible medical expenses. If you don't use the full amount, it gets rolled back to your business.
Anything else?
Minimum contribution choices determine how each HSA feature performs and helps ensure Members have a consistent experience when submitting eligible expenses. If you need help selecting the HSA type that aligns with your company’s goals, we’re happy to help!
Looking for information on changing contributions? Head over to Contribution changes for Health Spending Accounts.