SAVE ON HEALTHCARE EXPENSES
Enroll in a Health Savings Account (HSA) to set aside money from your paycheck on a pre-tax basis to help you 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).
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 $3,600 for Employee-only coverage and $7,200 for Family coverage. Age 55 or older catch-up contribution is an additional $1,000 per year.
- It’s Yours - Funds in your HSA stay with you, even if you change jobs. And, if you’re no longer covered by an HDHP, your account stays active and you can use remaining funds for medical expenses.
- Reduces Your Taxable Income - The money is tax-free both when you put it in*, and when you take it out to cover qualified medical expenses.
- Grows With You – If you maintain a balance of $1,000 then your additional funds can be invested in mutual funds yielding tax-free earnings.
- Helps You Plan For The Future - Until you turn 65, withdrawals used for eligible expenses are tax-free. After you turn 65, or if you become disabled, your HSA becomes similar to an IRA.
*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.