There are two ways to fund your HSA:
- Automatic payroll deductions. During your company's Open Enrollment period, tell your employer how much you would like to contribute to your HSA for the coming plan year. Your employer will deduct that amount (in equal portions) from your paychecks, before taxes are deducted, throughout the plan year.
- Direct contributions. You can contribute additional funds to your HSA at any time. While these contributions aren’t tax-free, they can be deducted on your tax return.
And keep in mind that you only have access to the funds that have been deducted from your paycheck. Your HSA does not fully fund on the first day of the plan year.