HSA Funding Limits FMOLHS will provide an HSA employer contribution that will be deposited on an annual basis ONLY if the employee contributes to the HSA. Each year, the IRS places a limit on the maximum amount that can be contributed to HSA accounts. For 2023, contributions are limited to the following: TEAM MEMBER TOTAL EMPLOYER CONTRIBUTION CONTRIBUTION CONTRIBUTION MAXIMUM MAXIMUM TEAM MEMBER $3,100 $750 $3,850 FAMILY $6,250 $1,500 $7,750 CATCH-UP (AGES 55+) $1,000 N/A N/A Employee HSA contributions in excess of the IRS annual contribution limits ($3,100 for individual coverage and $6,250 for family coverage for 2023) are not tax deductible and are generally subject to a 6% excise tax. If you’ve contributed too much to your HSA this year, you can do one of two things: » Remove the excess contributions and the net income attributable to the excess contribution before you 昀椀le your federal income tax return (including extensions). You’ll pay income taxes on the excess removed from your HSA. » Leave the excess contributions in your HSA and pay 6% excise tax on excess contributions. Next year you may want to consider contributing less than the annual limit to you HSA to make up for the excess contribution during the previous year. The FMOLHS HSA will be established with PayFlex. You may be able to roll over funds from another HSA. For more enrollment information, contact PayFlex or visit www.pay昀氀ex.com. Note For more information on Health Savings Accounts (HSA) visit www.pay昀氀ex.com 40