SAVE MONEY ON TAXES
Enroll in a Flexible Spending Account (FSA) to set aside money from your paycheck on a pre-tax basis to help you save money on taxes.
- Health Care FSA: Put aside up to $2,750 each year for out-of-pocket medical, dental, and vision expenses you, your spouse, and eligible dependents incur. View FAQ's and eligible expenses.
- Limited Health Care FSA:A restricted FSA account for employees also enrolled in Marvell's Anthem High Deductible Health Plan (HDHP). Put aside up to $2,750 each year for out-of-pocket dental and vision expenses only. View FAQ's and eligible expenses.
- Day Care FSA: Contribute up to $10,500 per year ($5,250 if married filling taxes separately) for childcare up to age 13 and adult care expenses. View FAQ's and eligible expenses.
Changes to the FSA Plans due to recent legislation:
The Consolidated Appropriations Act in December 2020:
The stimulus bill contained provisions for FSA participants who have unused Health Care or Day Care balances. In response, Marvell waived the “Use it or Lose it” rule for the 2020 FSA plans and applied a full carry over of balances remaining to 2021 for active employees.
The American Rescue Plan in spring 2021:
Allows employers to increase employee contributions to Day Care FSA Plans in 2021 up to $10,500. Marvell will make this benefit enhancement on June 1, 2021.
- PPE, including masks, gloves, and hand sanitizer, is now eligible for reimbursement under the Health Care FSA.