Just in time for the holiday season, we are thrilled to announce our latest product update: HSA Gifting! Not many HSA users realize that anyone can contribute — friends, family, coworkers, you name it! What's better than a gift that will help you save for your health and wealth?
So how exactly does it work?
In your First Dollar dashboard, you'll see a custom link for gifting to the right of your account information. Once you start a campaign, you can share that unique link on social media, with your friends and family, or with anyone else! From that link, anyone who's feeling generous can contribute via ACH in a few simple steps.
What are the benefits?
Well, beyond getting money into your account, it's a good way to reach savings goals and get closer to maxing out your HSA for the year. Most importantly, any contributions someone else makes actually decreases your taxable income, just like how any contribution YOU make does. Additionally, it's a quicker and easier way to fund your spouse's account so that you can reach that family contribution limit sooner than later!
Are there any rules?
The most obvious rule is that HSA Gifting contributions cannot exceed the individual or family contribution limit. There's also a limit on how much someone can contribute to your HSA at once, capping off at $1,000 for one contribution. This also might be an obvious rule, but you can only have one Gifting campaign at a time to ensure there aren't dozens of campaign links under one name floating around.
So this year, consider telling your family to skip the socks, sweaters, and candles that smell like pumpkin spice lattes. Because what's important is your health and ensuring you have everything you need for the best care possible. And, of course, this is never limited to the holiday season.