That depends on which HSA feature your client chooses.
HSA Classic
The minimum monthly contribution is $75/member/month.
This amounts to $900/member/year, which can make a reasonable impact on the average Plan Member's medical expenses.
HSA Rollback
The minimum monthly contribution is $75/member/month.
This amounts to $900/member/year, which can make a reasonable impact on the average Plan Member's medical expenses.
HSA Rollover
The minimum monthly contribution is $200/member/month.
Why is it higher, you ask? Because in order to get the full value of the Rollover, Plan Sponsors should ensure the HSA is funded sufficiently to allow unused funds to be invested in the RRSP at the end of a Benefit Period. Under-funding means Plan Members miss out on this valuable feature.
HSA Select
The minimum monthly contribution is $250/month.
As an individual with a corporation where they're the only employee, your client can benefit by using these business-contributed funds to reimburse their eligible medical expenses. If they don't use the full amount, it gets rolled back to their business.
The best part is, even with that no matter your contribution, your clients are still reaping the benefits of having an HSA!
What are those benefits, you ask? Check them out here!