Federal employee new HSA in 2019

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ishkadetto
Posts: 63
Joined: Thu May 24, 2018 2:49 pm
Location: California, USA

Federal employee new HSA in 2019

Post by ishkadetto »

I am a new enrollee for GEHA HDHP for 2019, was sent a packet in the mail from HSA Bank and have everything set up online so know my account number and routing number.

If I go into MyPay and click start new allotment for HSA, it says " This action will be reflected in your January 05, 2019 pay." Is it ok to start contributing on that date? Just wanted to double check that I'm not doing it too early.

Thanks!
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grabiner
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Re: Federal employee new HSA in 2019

Post by grabiner »

Your HDHP enrollment is effective January 1 when you change plans, so you can start contributing to your HSA as early as January 2. (In order to contribute on January 2, you would have to do it with your own money, rather than as a payroll allotment.)

January 5 is a Saturday, so I would assume that the deposit will process not on January 5, but on the payday for the pay period which ends January 5.
Wiki David Grabiner
Topic Author
ishkadetto
Posts: 63
Joined: Thu May 24, 2018 2:49 pm
Location: California, USA

Re: Federal employee new HSA in 2019

Post by ishkadetto »

Thank you grabiner!!!
motorcyclesarecool
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Re: Federal employee new HSA in 2019

Post by motorcyclesarecool »

With great respect to Grabiner, a more generally applicable answer to the question is found in the OPM Open Season FAQ:

https://www.opm.gov/faqs/QA.aspx?fid=fd ... b916d85778

Your enrollment takes effect the first full pay period of 2019. If you’re an annuitant, then it’s 1/1. Otherwise your mileage will vary, based on who handles your payroll.

Am I right to guess that you’re an annuitant?
Understand that choosing an HDHP is very much a "red pill" approach. Most would rather pay higher premiums for a $20 copay per visit. They will think you weird for choosing an HSA.
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nps
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Re: Federal employee new HSA in 2019

Post by nps »

Grabiner is correct. Also, note that this would be the second pay date in 2019 so if you intended to max your contribution you would need to take that into account.
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