Contribution Options
Contributions to your employees’ health savings accounts encourage your employees to enroll in your HSA program. We make it easy for you to contribute by providing a number of contribution options to suit your needs. You may want to consider the frequency and the types of contributions you will be administering, such as employee pre-tax, employee after-tax or employer. Prior to selecting a contribution option, you must be signed up as a business partner with HSA Bank.
Note: The IRS provides annual
HSA contribution limits
. If you decide to contribute to your employees’ HSAs, please communicate the amount to your employees.
Detailed information, including step-by-step instructions regarding each of our contribution methods, can be found in the HSA Bank Employer Manual.
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Group Online Contribution System (GOC)
Set-up time: five business days Contributions available: On selected business day. Can be as soon as next business day if scheduled before 2 p.m., CT, or two business days if after 2 p.m., CT HSA Bank's GOC system makes contributing to your employees’ HSA convenient and easy through our online Employer Administration Area. We will then pull the amount from your external bank account and distribute into your employees’ HSAs.
One-time or recurring contributions
Various of contribution frequency options (weekly, bi-weekly, monthly, etc.)
View pending and prior contributions
Receive email confirmations
To sign up for GOC, complete the Group Online Contribution Form and ACH Agreement and submit with a voided check from your external business checking account to HSA Bank.
Curious how GOC works? View our online demo.
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Electronic Contribution File with Wire/ACH
Set-up time: three weeks Contributions available: same business day if received before 11 a.m., CT, next business day thereafter
This option enables you to wire or ACH funds from your account to a clearing account with HSA Bank. We will distribute the funds to your employees’ accounts based on the information provided in an electronic Transaction File or HSA Bank-approved Excel Contribution Format. Each ACH or wire must be accompanied by an electronic Transaction File.
To begin using this option you must call Business Relations.
To learn more, read the Electronic File Upload with Wire/ACH Transfer section of the HSA Bank Employer Manual.
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Direct ACH
Set-up time: based on payroll vendor Contributions available: next business day You can initiate ACH contributions to your employees’ HSAs through your current payroll provider. To get started, you must first contact your payroll provider and follow our ACH Instructions, which outline how to properly code each contribution entry. We will provide you with the account numbers and our routing number to complete the set up of this option.
To learn more, read the Direct ACH section of the HSA Bank Employer Manual.
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Check
Set-up time: none Contributions available: within 3 business days of HSA Bank receiving the check You may also contribute by mailing a paper check to HSA Bank. Checks should be accompanied by an Employer Contribution Form, which should list all the employees with an HSA and the amounts being contributed to each. Contributions made by check may take longer to post to your employee accounts than the other options. No set-up is required for this contribution option.
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