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Financial - Health Savings Account

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SAVE ON HEALTH CARE EXPENSES

Enroll in a Health Savings Account (HSA) to use pre-tax money to save on current and future health care expenses. You are able to enroll in the HSA program when you enroll in Marvell's Anthem High Deductible Health Plan (HDHP).

We're Changing HSA Administrators in 2023! 

We’re changing the Health Savings Account (HSA) administrator from Navia to HealthEquity. HealthEquity offers best-in-class member services, including:

  • Member dashboard. Use the unified dashboard to view your account balance, spending, claims status and more.
  • On-the-go experience. Manage your account from anywhere via your desktop or smartphone.
  • Investment ease. Automatically invest contributions and rebalance your portfolio.
  • Support. Get 24/7 personal guidance from HealthEquity advisors.

Navia HSA Accounts

  • If you currently have an HSA through Navia, your account will automatically transition to HealthEquity in early 2023. More information will be sent to employees with active accounts.

Flexible Spending Accounts

2023 Changes to the HSA

  • In addition to the change to Navia, Marvell’s contribution to your HSA will increase to $600 for employee-only coverage and $1,200 for family coverage.
  • IRS maximums for 2023 will increase:
 2023 Maximum HSA Funding  Marvell Contribution Employee Maximum Contribution* 
 $3,850 for employee-only coverage  $600  $3,250
 $7,750 for family coverage  $1,200  $6,550

*Employees ages 55 or older can contribute an additional $1,000 to their HSA.

Note: If you’re enrolled in Marvell’s Anthem HDHP, you’re eligible for the HSA. You’re not eligible to contribute to an HSA if you’re enrolled in Medicare.

The information below is for the 2022 plan year. Information will be updated in early 2023 to reflect the change to HealthEquity.

Employer Funding: Marvell contributes to your HSA on an annual basis in the amount of $500 for Employee-only coverage and $1,000 for Family coverage, funded as an upfront contribution to your HSA in January, or for new hires, within a few weeks of your when you finalize your benefit elections.

You can contribute up to the max combined amount with the employer funding of $3,650 for Employee-only coverage and $7,300 for Family coverage.  Age 55 or older catch-up contribution is an additional $1,000 per year.

Health Savings Account Advantage

*Note: Contributions to HSAs may be subject to state taxes in California, Alabama, and New Jersey.

Note: When a New Hire starts December 3 or later, or an employee moves to the HDHP and enrolls in an HSA with an effective date of December 3 or later, the employee is not able to contribute to their HSA and are not eligible for an employer contribution until January 1 of the following calendar year, per IRS regulations.