The IRS sets annual limits on how much you and your employer can contribute to your HSA. If you exceed these limits, you may be liable for IRS tax penalties unless you remove excess contributions before you file your taxes. (If you need to remove excess contributions, please contact BCBSRI.)
|Additional catch-up contribution for age 55 and over
Did you know? If you do not contribute up to the max for the tax year, you can make additional contributions up until the tax filing deadline in the following year. Coordinate additional contributions at bcbsri.com.
Opening and Contributing to Your HSA
The more you contribute to your HSA today, the more you have for health expenses tomorrow and retirement in the future. Know the limits that apply to you and consider contributing up to the max.
- Opening your HSA
If you enroll in the Anchor Choice Plan with HSA, you will automatically have an HSA opened with UMB Bank, the custodian of the BCBSRI HSA.
- Contributing to your HSA
The State contributes up to $1,500/$3,000 for individual/family coverage each plan year.* To make additional voluntary contributions, please complete and submit the HSA Employee Payroll Deduction Authorization Form. You may adjust your HSA contribution amount at any time by submitting a new form.
How Much Should You Save?
You can get a personalized estimate of how much you may need to save for medical expenses by talking to ALEX!
Managing Your HSA Contributions
NEW! Starting January 1, 2020, download Blue Solution, the dedicated app for your BCBSRI HSA. With just one touch you can access your HSA account anywhere time.
Blue Solution allows you to:
- Check your HSA account balance and all transactions
- Pay a provider or make a withdrawal to reimburse yourself for medical bills
- Snap a photo of receipts and submit a claim
- Add a contribution from your checking or savings account
- Scan a bar code to see if something is a qualified medical expense
- Use the savings calculator to make informed spending choices