To schedule an employer contribution to be applied to all employees, select the ‘Contributions’ tab from the main left side menu. On this page, select the green ‘Manage Contributions’ button on the top right corner.
Here, you will be able to see the option to set up three different kinds of employer contributions: recurring contribution, one-time contribution, or an employer match.
It is important to note that employer contributions also count toward every employee’s annual HSA contribution limit. For 2020, the individual contribution limit is $3550 and the family contribution limit is $7100. Scheduled contributions (one time or recurring) will take into effect the next available pay date. We will alert you if there is a risk of exceeding the contribution limit.
Recurring contributions are contributions to be applied to each pay date to all employees. You have the option to schedule separate amounts for those on Individual accounts and those on Family accounts.
One-time contributions are applied only to the next available payroll date to all employees. This contribution will only occur once. You will have the option to schedule separate amounts for those on Individual accounts and those on Family accounts.
Employer match allows you as the employer to set up a ‘match’ contribution that will dynamically adjust each pay period based on the employee’s election and certain limiting criteria.
Today, two matching scenarios are supported.
- Dollar for dollar matching, up to an annual limit - with this matching type, the employer chooses an annual limit that they are willing to contribute per contribution category. Each payroll, the employer will automatically “match” an employee's contribution, until the annual limit is reached.
- Percentage matching - with this matching type, the employer chooses a percentage of each employee’s elections that they are willing to match. Each payroll, the employer will automatically match the set percentage of their employees' contributions. With this match type today, no per pay period or annual limits may be imposed (beyond the IRS designated annual contribution limits).
Please reach out to your Customer Success Manager if you would like to set up an employer match.