2014 Contribution Election Changes
For 2014, you must make an active election if you wish to contribute to your Health Savings Account (HSA) through payroll deduction in 2014.
This year, you will make your HSA contribution election based on the amount you want to contribute per paycheck. Previously, you elected your HSA contribution as an annual amount.
Let's say you decide to contribute $2,400 to your HSA and you are a semi-monthly paid employee (24 paychecks per year). You would take $2,400 divided by 24 paychecks to determine your election should be $100 per paycheck.
If you are paid on a weekly basis (51 eligible contribution paychecks in 2014), you would elect $47.06 per paycheck ($2,400/51).
It's that easy. And as always, John Deere will make sure that the company contribution and your payroll deducted contributions do not exceed the IRS maximum. Take advantage of the tax savings and health savings the HSA can provide!