MMC Benefits Handbook
Contributions
How do I decide how much to contribute?
You select an amount to contribute for the plan year.
Under the tax rules for 2024, you can contribute:
- up to the fixed dollar amount prescribed by federal law and indexed for inflation each January 1. For 2024, the flat dollar amount is $4,150 (including the Company contribution, if any) for individual coverage and $8,300 (including the Company contribution, if any) for family coverage.
Therefore, your maximum annual Health Savings Account contribution for 2024 will be:
If you are age 55 or above, the additional amount you can contribute for both individual and family coverage is $1,000.
Individual coverage applies to Employee-Only coverage, and family coverage applies to Employee + Spouse/Domestic Partner, Employee + Child(ren), or Employee + Family coverage.
If you establish a Health Savings Account after January 1 or change your coverage level under the Marsh & McLennan Companies $1,600 Deductible Plan or $3,200 Deductible Plan because of a qualified family status change during the year, your maximum contribution will be prorated based on the number of full months remaining in the calendar year and your level of coverage under the Marsh & McLennan Companies $1,600 Deductible Plan or $3,200 Deductible Plan.
If you discontinue your Marsh & McLennan Companies $1,600 Deductible Plan or $3,200 Deductible Plan coverage during the year because of a qualified family status change, your before-tax contributions to the Health Savings Account will cease, but you may continue to withdraw from your unused account balance for qualified and non-qualified medical expenses.
Do I have to contribute a minimum amount?
No, there is no minimum contribution amount.
How often can I make changes to my contribution amount?
You may make changes to your contribution amount any time during the year. All changes made during the year will be effective on the first of the month coincident with or following the date you change your contribution amount.
Does the Company contribute to my Health Savings Account?
If your salary is less than $55,000 a year, you are eligible to receive a Company contribution into your Health Savings Account. The Company will contribute $300 for individual coverage and $600 for family coverage. The full annual contribution amount will be deposited into your account once your Health Savings Account enrollment becomes effective.
Who can make contributions to my Health Savings Account?
Anyone. Contributions can be made by others (for example, members of your family) on your behalf, and, generally, you can take a tax deduction for those contributions. Please consult your personal tax advisor for specific advice regarding your personal circumstances.
Is there any time I can make contributions over the maximum to my Health Savings Account?
Yes. In the year you turn age 55 and each year thereafter, assuming you are eligible to contribute to the Health Savings Account, you may make additional "catch-up" contributions to your Health Savings Account. The additional amount for all coverage levels is $1,000.
Note:
- contributions, including catch-up contributions, are made through before-tax payroll deductions which you elect when you enroll online. (Go to Colleague Connect (https://mmcglobal.sharepoint.com/sites/home), click Pay & Benefits and select Aptia365 Benefits Enrollment Website under Benefits. If you do not elect to make catch-up contributions through before-tax payroll deductions, you can make after-tax contributions directly to the Health Savings Account Administrator. Generally, your after-tax contributions may be taken as a deduction on your tax return. Please consult your personal tax advisor for specific advice regarding your personal circumstances.
- after-tax contributions can be made until April 15th of the following year and such contributions will count towards the prior year's contribution amount, provided that you properly designate such contributions for the prior year when submitting those contributions to the Spending Account Service Center. For example, you can make an additional after-tax contribution of $1,000 by April 15, 2025, which will be added to your 2024 contribution amount. Contact the Spending Account Service Center for more information.
- If you have less than 12 months of coverage under the Marsh & McLennan Companies $1,600 Deductible Plan or $3,200 Deductible Plan, your "catch-up" contribution will be prorated based on the number of full months that you have coverage under the Marsh & McLennan Companies $1,600 Deductible Plan or $3,200 Deductible Plan.