The IRS Maximum HSA Contribution Amounts above are based on being enrolled and eligible to contribute to the HSA on the first day of each month at the same coverage tier for all twelve months of the year.
Lockheed Martin will occasionally send various general reminders throughout the year to ensure you are reviewing your contributions to either maximize or for potential overcontribution. Lockheed Martin will base the contribution limit on a monthly proration which follows the Line 3 Limitation Chart and Worksheet section in the instructions for Form 8889.
To calculate your personal maximum:
- For each month of the year, enter the IRS annual amount based on your age and coverage tier based on your eligibility to contribute to the HSA on the first of each month. Note that some months may be $0.
- Add the amounts for all twelve months and divide by 12 to get your personal maximum.
Examples:
Family coverage all year
You are over 55, enrolled in HDHP family coverage during Annual Enrollment and remained in family coverage all year.
Your personal maximum is the IRS limit of $8,300.
HSA eligible mid year
You are under 55, enrolled in HDHP single coverage for the first time on June 10 and remained in single coverage for the remainder of the year.
Your personal maximum is $1,825 because you only had 6 months of single coverage for the year.
Coverage tier change mid year
You are under 55 and enrolled in single coverage during Annual Enrollment. You changed to family coverage effective September 24.
Your personal maximum is $4,562.50 because you had single coverage for
9 months of the year and you had family coverage for 3 months of
the year.
To assist you in determining your personal maximum, an HSA Maximizer tool is available to you when you make or change your HSA election and is also available on the BenefitWallet Education Site and at mybenefitwallet.com.