Each year the IRS sets contribution limits for Health Savings Accounts (HSA). Contributions over this limit are not tax deductible, so it is important to act now to avoid paying a 6% excise tax penalty when you file your 2022 tax return.
2023 IRS maximum HSA contribution amounts
| Coverage tier |
Less than 55 years old |
Turn 55 in 2023 |
| Self-only coverage all year |
$3,850 |
$4,850 |
| Family coverage all year |
$7,750 |
$8,750 |
How to review your contributions and make changes
Go to LMPeople > Benefits > LM Employee Service Center > My Accounts. Then:
- Review your contributions to date: Click on the Go button under the BenefitWallet image.
- Decrease your current contribution amount: Click on the Change button to the right of your Per-Pay-Period deductions. Enter the new weekly amount to be withheld from your paycheck. Then click Save.
(OR)
Stop your current contribution: Click on the Go button under the Start/Stop Your HSA image. Change your election to “Do not want to contribute but want employer contributions”. Your HSA contributions will be stopped within two weeks of making this change.
- If you have already contributed over the IRS maximum based on your medical coverage level, call BenefitWallet to arrange to have the excess amount refunded before April 15, 2022.
If you have any questions or need assistance, please contact the BenefitWallet Service Center at 855.800.1602. Representatives are available Monday to Friday, 8:00 a.m. – 11:00 p.m. ET and Saturday to Sunday, 9:00 a.m. – 6:00 p.m. ET.
For additional information and considerations, please see below.