MMC Benefits Handbook
When Contributions Start
When will my Health Savings Account before-tax contributions start?
Your before-tax Health Savings Account contributions will start on:
- the first of the month coincident with or following your eligibility date as long as you are actively employed. Your contributions 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 $1,500 Deductible Plan or $3,000 Deductible Plan, or
- January 1 if you enroll during annual enrollment.
Contributions do not continue automatically from plan year to plan year; you have to enroll during the annual enrollment period to contribute to your Health Savings Account each year.
Withdrawals for expenses incurred before your account is established cannot be made on a tax-free basis.
When will I receive my Health Savings Account Company contributions?
The Company contribution will be deposited into your Spending Account Service Center Health Savings Account in January 2023, if you enroll during Annual Enrollment, otherwise soon as administratively feasible once your HSA election is effective.
You are not required to make contributions to the Health Savings Account; however, you need to open a Health Savings Account with the Spending Account Service Center to receive the Company contribution. If you choose to open a Health Savings Account with another bank, you will not be eligible for the Company contribution and you will need to make after-tax contributions and then deduct them on your tax return.
When are contributions deposited in my account?
Your contributions will be deducted each pay period (beginning on the first of the month) and deposited into your account.
When may I make after-tax contributions to my Health Savings Account?
You may make after-tax contributions directly to the Health Savings Account Administrator if:
- your contributions have been prorated because you established a Health Savings Account during the year and you were otherwise eligible to make Health Savings Account contributions in the months prior to establishing your Health Savings Account, or
- you are eligible for catch-up contributions and do not elect to make catch-up contributions through before-tax payroll deductions, or
- you are on an authorized unpaid leave of absence.
What happens to my Health Savings Account if I am on an authorized unpaid leave of absence?
While you are on an authorized unpaid leave of absence, you may continue to contribute to your Health Savings Account if you meet all the eligibility criteria, including not being enrolled in any Medicare benefit. However, you can contribute to the Health Savings Account only on an after-tax basis by making a contribution to your Health Savings Account via the Spending Account Service Center. Generally, you will be able to claim a deduction for your after-tax contributions to your Health Saving Account when you file your taxes. Please consult your personal tax advisor for specific advice regarding your personal circumstances. If you are enrolled in the $1,500 Deductible Plan or $3,000 Deductible Plan and want to contribute to a Health Savings Account while on an authorized unpaid leave of absence, you must contact the Health Savings Account Administrator, the Spending Account Service Center, directly by calling +1 866 324 4087.
When you return from your authorized unpaid leave of absence, your contributions will be adjusted automatically so that you reach your annual contribution amount. If you made after-tax contributions to your Health Savings Account during your authorized unpaid leave of absence, those contributions will not be considered when your payroll contributions are automatically adjusted. It is your responsibility to make sure that your total contributions do no exceed the total annual on Health Savings Account contributions.
You may continue to make withdrawals from your Health Savings Account while on an authorized unpaid leave of absence.