Common use of Maximum Benefits Clause in Contracts

Maximum Benefits. The annual contribution for a Participant’s HSA Benefits is equal to the annual benefit amount elected by the Participant. In no event shall the amount elected exceed the lesser of: • The statutory maximum amount for HSA contributions applicable to the Participant’s coverage option (single or family) for the calendar year in which the contribution is made, or • The annual deductible under the HDHP option elected by the Participant. An additional catch-up contribution may be made for Participants who are age 55 or older. • The maximum contribution shall be reduced by any matching Employer contribution made on the Participant’s behalf • The maximum contribution shall be prorated for the number of months in which the Participant is an HSA eligible individual.