Hoosier Banker 43 extensions (generally April 15 following the year for which the HSA is established). This same deadline applies to contributions, regardless of who makes the contribution. However, employees signing up for an HSA-compatible high deductible health plan should establish their HSAs during their enrollment period, or at least by the time their HDHP coverage begins so they may begin contributing through payroll deduction. Funding There are no restrictions on who may fund an HSA. Both the HSA owner and the HSA owner’s employer may contribute on behalf of the employee. In addition, any other individual may contribute to an eligible individual’s HSA, and generally would do so by working directly with the HSA owner or the HSA administrator, not through the HSA owner’s employer. Eligibility to make HSA contributions is determined monthly. For individuals who are eligible for the entire year, the maximum permitted annual contribution (not including catch-up contributions) is subject to the statutory limit for the type of HDHP coverage that the employee has (self-only or family). These amounts may be adjusted for cost-of-living increases. The annual HSA contribution limits for single health coverage are $3,850 for 2023 and $4,150 for 2024. The contribution limits for family coverage are $7,750 for 2023 and $8,300 for 2024. Eligible individuals who are age 55 or older by the end of the year may make additional HSA catch-up contributions of up to $1,000. Both the regular and catch-up contributions may be made through payroll deduction. All HSA contributions are aggregated for purposes of applying the annual contribution limit. If employees make additional HSA contributions outside of their payroll deduction, they must be cautious about combining all the contributions for purposes of the annual limit. HB Managing the web of complex issues and regulatory constraints that surround banking today has never been more challenging. So the deep expertise of our banking team has never been more vital. Make life easier. Call us today. New Albany 812.945.2311 Louisville 502.423.0311 monroeshine.com CERTIFIED PUBLIC ACCOUNTANTS Audit & Assurance BSA & ACH Compliance Outsourced Internal Audit SEC & SOX Compliance Loan Review IT Risk Management Consulting Services Merger & Acquisition Dax Denton IBA STAFF MILESTONES Two employees of the Indiana Bankers Association celebrated milestone anniversaries working for the Association in 2023. Both were honored at a year-end celebration. • 15 years: Dax Denton, chief policy officer • 5 years: Emily Brooks, digital media manager The staff of the IBA feel honored to be in longtime service to the Indiana banking community. HB Emily Brooks
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