Well, not exactly.  What the rules say is that contributions made by a third party to your Health Savings Account are tax deductible to the individual who holds the account.  So, if Santa were to make a contribution to your HSA, it would be tax deductible.

The above said, last week, while on a business trip, I put $3.33 into my HSA with the click of a mouse.  Whilst sitting in my hotel room, trying to be productive one evening I went to My HSA Rewards and through their website created a printed Christmas card of my kids through VistaPrint.  I had 100 cards printed which included 100 envelopes.  As a bonus they threw in a notepad with my kids picture on it for free as part of some promotion they had going on that day.  Sometime in the next couple of weeks, my cards will show up, we’ll address them and send ‘em on out.  The price was something like $33 for the cards including shipping, so I thought all in all, it was a great deal.

So what does this have to do with Santa and my HSA you are saying?  Well, in return for purchasing the Christmas cards through My HSA Rewards, I earned 11% toward my Health Savings Account for doing so.  So in addition to getting a great deal on printing, I also am putting away about $3.33 into my Health Savings Acount in the process.

But that is just the start of it.  In addition to printing, My HSA Rewards has way over 300 merchants in their program.  So, for example, I was looking at the HP Home Store for a computer for one of my kids for Christmas.  I found one I like, so when I pull the trigger on that, I’ll get 3% back on that purchase toward my HSA.

My wife wants a new comforter for the bed to replace the 1988 dust collector that’s sitting there now, so I am looking at Overstock.com.  If I purchase from Overstock through the My HSA Rewards website, I’ll get 4% back on that.  I already bought two de-humidifiers from them after the 500 year floods we had in Atlanta earlier this fall.

The point of all this, is that for every dollar I spend on family Christmas shopping through My HSA Rewards, I will get some portion of that back in the form of a contribution to my Health Savings Account.  I joined the program for free this past summer and I have already earned over $90 in contributions to my Health Savings Account.  That’s found money.   It’s like Santa putting money into my HSA.  And yes, it’s tax deductible.