Human Resources shares important deadline information for HSA Bank account holders

The deadline to make changes to health savings accounts (HSAs) is Nov. 15. Employees are asked to review their HSA contributions and university contributions — including incentive pay from the Healthy Boiler Incentive Program — and make any adjustments via Benefitfocus. Doing so by the deadline ensures that changes are processed in time for the end of the calendar year so employees do not exceed 2024 IRS annual contribution limits.

If an employee’s spouse also receives or makes contributions to an HSA through Purdue or another employer, both must collectively adhere to the family contribution limit.

As a reminder, the 2024 limits for total combined HSA contributions are:

• $4,150 for employee-only coverage
• $8,300 for family coverage (employee + one or more)

Note: Federal rules also allow what are called “catch-up” contributions to an HSA. Individuals who are age 55 or older or will turn 55 any time during the plan year may contribute an additional $1,000 above the IRS limits.

The following resources are available to assist employees:

• Interactive HSA Tool
• Updating HSA Contributions in Benefitfocus

HSA Bank cards

New cards will not be sent from HSA Bank unless the date on an individual’s current card has expired.

Questions

Any questions on HSA contributions can be directed to Human Resources at 765-494-2222 or via email at hr@purdue.edu.