MMC Benefits Handbook
Contribution Limits
Who is responsible for keeping track of my contribution limits?
You are responsible for keeping track of your contribution limits.
What happens if I contribute more than the legally allowed maximum?
If you contribute more than the law allows to the Health Savings Account or another Health Savings Account, then it is your responsibility to notify the applicable health savings account administrator of the excess contribution and to request the withdrawal of the excess contribution and any net income attributable to the excess. Please consult your personal tax advisor for specific advice regarding your personal circumstances.
You must withdraw contributions to your Health Savings Account that are in excess of the IRS contribution limits. Otherwise, the amount over the legally-allowed maximum will be subject to an excise tax. A pro-rata portion of earnings must be withdrawn also. For Health Savings Account specific requirements under IRC Section 223, see IRS Publication 969. IRS publications are available at www.irs.gov or by calling the IRS at +1 800 829 3676.
You must pay income tax on the withdrawn amount, but may not be required to pay the 6% excise tax on excess contributions. For more information see IRS Publication 969. IRS publications are available at www.irs.gov by calling the IRS at +1 800 829 3676. Please consult your personal tax advisor for specific advice regarding your personal circumstances.
Contribution Limits If More Than One Health Savings Account
What is my contribution limit if I have more than one Health Savings Account?
Your total contribution limit does not change because all Health Savings Account contributions are aggregated.
How do I coordinate my contribution limit among my Health Savings Accounts?
You can coordinate your contribution limit among your Health Savings Accounts any way you would like. It's your responsibility to make sure that your total contributions don't exceed the total limit on Health Savings Account contributions.
Contribution Limits for Married Couples
My spouse also contributes to a Health Savings Account; is there a limit to how much I can contribute to my Health Savings Account?
Yes. How much you can contribute depends on what type of health care coverage you and your spouse have.
What is my maximum contribution if my spouse and I each have family high deductible health plan coverage?
Your combined contributions cannot exceed the maximum annual Health Savings Account contribution for family coverage, plus any applicable catch-up contributions.
Health Savings Account contributions (other than catch-up contributions) are divided equally between you and your spouse unless you and your spouse agree on a different division. Thus, you and your spouse can divide the annual Health Savings Account contribution in any way you want, including allocating nothing to one of you.
What is my maximum contribution if my spouse and I each have individual high deductible health plan coverage?
Your maximum contribution is equal to the maximum annual Health Savings Account contribution for individual coverage, plus any applicable catch-up contributions.
What is my maximum contribution if I have family high deductible health plan coverage and my spouse has individual, non-high deductible health plan coverage?
If you participate in the Marsh & McLennan Companies $1,500 Deductible Plan or $2,850 Deductible Plan, you can contribute up to the maximum annual Health Savings Account contribution for family coverage, plus any applicable catch-up contributions. Because your spouse has individual, non-high deductible health plan coverage, your spouse may not contribute to a Health Savings Account. You are not eligible to establish a Health Savings Account if you or a family member elects a traditional Health Care Flexible Spending Account in the same calendar year.
My spouse and I both work for the Company and have family coverage under the Marsh & McLennan Companies $1,500 Deductible Plan or $2,850 Deductible Plan; how much can I contribute to the Health Savings Account?
Your combined contributions cannot exceed the maximum annual Health Savings Account contribution for family coverage, plus any applicable catch-up contributions.
Health Savings Account contributions for family coverage (other than catch-up contributions) are divided equally between you and your spouse unless you and your spouse agree on a different division. Thus, you and your spouse can divide the annual Health Savings Account contributions in any way you want, including allocating nothing to one of you.
You cannot receive tax-free withdrawals for the same claim from both your and your spouse's accounts.