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 Changed HSA Administrators in 2023!
Marvell changed our Health Savings Account (HSA) administrator from Navia to HealthEquity as of January 1, 2023. If you were active in Marvell's 2022 HSA plan with Navia, you can learn more about the transition details below.
Frequently Asked Questions
Please see below for common frequently asked questions about the transition. You can find additional FAQs on our FAQ for Marvell's Health Savings Account Transition to Health EquityFAQ for Marvell's Health Savings Account Transition to Health Equity document.
I was enrolled in the HSA plan with Navia in 2022, will the Navia HSA card still work?
- Yes, the Navia HSA card will work until the blackout period begins on March 24, 2023.
Can I keep my HSA funds in Navia?
- Yes, if employees wish to keep their funds with Navia, they can do so. However, their accounts will be moved to an individual account with UMB Bank and no longer associated with Marvell. Employees will be responsible for the monthly administration fee.
Do I have to liquidate stocks and turn off auto investments to transfer my account from Navia to Health Equity?
- Yes, if you would like Marvell to manage the transition of funds from Navia to Health Equity, liquidation of stocks and turning off auto-investments must be completed by March 14, 2023. This is mandated by UMB Bank. Additional steps on how to liquidate stocks and turn off auto investments can be found on the attached document.
Are there any fees associated with this transition process?
- Marvell will cover fees associated with the HSA transition for those employees who sign the electronic form by March 3 granting Marvell permission to transfer accounts on their behalf. That is, we will cover the administration fee for both Navia and Health Equity accounts as well as the $25 transfer fee. Please note, if you decide to move your account on your own, and/or at a later date, you will be responsible to cover the $25 transfer fee.
How do I access the Health Equity portal?
- SSO login via OKTA to Health Equity will be available in early March 2023. In the meantime, employees can access their Health Equity account directly by registering through the Health Equity website at my.healthequity.com.
- IMPORTANT NOTE: You are automatically set up to receive paper statements and will be charged $1.00 per monthly statement. To avoid this fee, we recommend that you switch your account preference settings to electronic statements. You can do this by logging into the Member Portal and updating your profile, or by calling Member Services at (866) 382-3510.
Highlights of the HSA
- Marvell contributes to your HSA: $600 for employee-only coverage and $1,200 for family coverage.
- IRS maxium contributions allowed for 2023:
- $3,850 for employee-only coverage
- $7,750 for family coverage
- Your HSA can be used to pay for out-of-pocket medical expenses and, if unused, roll over from year to year.
*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.
Understanding the HSA
It’s important to understand how the HSA works so you can make the most of this tax-advantaged benefit.
To be eligible for the HSA:
- You must be covered by a qualified high-deductible health plan (HDHP).
- You cannot be covered by another health plan, including Medicare.
- You cannot be claimed as a dependent on another individual’s tax return.
- You and your spouse cannot be participating in a full-purpose Flexible Spending Account.
Marvell contributes each January to your HSA:
- $600 for employee-only coverage
- $1,200 for family coverage (includes the Employee + Spouse, Employee + Children, and Employee + Family coverage levels)
New hires receive their HSA contribution within a few weeks of making their benefits elections.
In 2023, you can contribute up to the IRS maximum (includes employer contributions):
|2023 Maximum HSA Funding||Marvell Contribution||Employee Maximum Contribution*|
$3,850 for employee-only coverage
$7,750 for family coverage
*Employees ages 55 or older can contribute an additional $1,000 to their HSA.
The amount you elect to contribute will be divided by the number of paychecks remaining in the calendar year.
Updating Your Contributions
You can update your HSA election at any time (no qualifying life event required) by going to the Benefits Enrollment system, clicking Update by Benefits and selecting the “Change of HSA Contribution” life event.
Your HSA grows through:
- Contributions made by Marvell
- Optional contributions made by you
- Rollovers from any existing HSAs you have (see “Roll Over an Existing HSA to the Marvell HSA” below)
- Interest and investment earnings
Investing Your HSA
Once you have a balance of $500, you can begin investing your HSA balance in a variety of ways, similar to the 401(k) Plan. Your HSA investment earnings grow tax-free, and withdrawals for eligible expenses are also tax-free. You do not need to maintain a minimum balance of $500 in your HSA to continue to invest your HSA funds.
Learn more about about Health Equity Investment options.
- You pay no federal taxes or state taxes* on your HSA contributions when they go into your account, reducing your taxable income.
- You pay no taxes* when you use your HSA funds to pay for eligible expenses.
- Any interest and investment earnings grow tax-free.*
*Note: Contributions to HSAs may be subject to state taxes in California, Alabama and New Jersey.
No Use-It-or-Lose-It Rules
Unlike a Health Care FSA, your HSA balance carries over from year to year. Plus, you take it with you if you retire or leave Marvell.
You choose how and when you want to use your HSA funds for eligible health care out-of-pocket expenses. Eligible expenses include your and your dependents’ deductibles, coinsurance and copays for medical, prescription drug, dental, vision and hearing expenses.
You can use your HSA to reimburse eligible expenses for yourself, your spouse and your dependents, as long as your spouse and dependents do not file separate tax returns. Your spouse and dependents do not need to be enrolled under your medical plan for their expenses to be considered eligible.
Roll Over an Existing HSA to the Marvell HSA
If you want to roll over an account that you have with a previous employer, download the HealthEquity transfer form.
The IRS does not allow rollovers from an HSA to a 401(k) or IRA, and you cannot roll over funds from a 401(k) to an HSA.
Yours to Keep
HSA balances go with you, regardless of whether you stop contributing, retire or leave your job. The dollars in your account are never taxed if they’re withdrawn for qualified health expenses. If funds are withdrawn to pay for non-qualified medical expenses before age 65, they are taxed, and an additional 20% penalty is applied. After age 65, funds can be withdrawn without a penalty, but income tax will be owed if funds are not used for qualified health expenses.
If you leave Marvell or are no longer enrolled in the Marvell Anthem HDHP, your HSA and funds will remain yours, but the account will be converted into an individual account at HealthEquity. You will continue to use the same HSA card and login information for the Health Equity portal. You’ll be required to pay a monthly administrative fee of $3.95. You may choose to roll over your funds to an administrator of your choice. Contact your new administrator for a rollover form and instructions.
Getting Started With the HSA
After you've enrolled in the HDHP, register your HSA with Health Equity so you can manage your account. You can access your account through OKTA with SSO.
You can also follow the steps below to create an account directly through the Health Equity portal.
First Time Member Login Protocol
- Navigate to the member portal at My.HealthEquity.com.
- Click 'Create user name and password' located under the message 'Are you a member logging in for the first time?'
- Enter the verification code that appears on the screen.
- Add personal information (first name, last name, zip code, and birth date) and click 'Next.'
- Enter the last four digits of the account holder's social security number and the last four digits of their debit card number.
- After entering the card number correctly, you can set up the account. Skip 6-10.
- Otherwise, leave that field blank and click 'Next.'
- Enter a phone number for verification, select 'Text Me' or 'Call Me' and then click 'Next.'
- They will receive a call or text with a temporary password. Enter the password and click 'Next.'
- After entering the passcode correctly, then they can set up the account. Skip 8-10
- If they cannot verify the phone number, click 'I don't have a phone.' A popup message will appear stating that additional questions are required. Click 'Answer questions.'
- You will be asked a few questions (usually three or four) on subjects such as:
- Vehicle ownership history
- Education history
- Job history
- After answering these questions, you can then set-up an account
Setting Up Account
- Choose a username, password, and security question and then click 'Next.'
- Enter the email address and click 'Next.'
- You will receive an email with a unique link. Click the link to activate the account.
- Review the terms and conditions and then accept.
- Once these steps are complete, you can log in to the portal with your username and password.
Already Have a Health Equity HSA From Your Previous Employer?
If you have a HEalth Equity account from a previous employer, your Marvell account will be linked to that account. Your username and password will remain the same as before and you can continue to use the same HSA card. If you need help logging in or requesting cards, you can call the HEalth Equity member services at (866) 296-2852.
For compliance with the Customer Identification Program rules under the USA PATRIOT Act, you may be asked to provide proof of identity to open an HSA.
Note: IRS rules specify that if you enroll in the HDHP with an effective date of December 3 or later, you cannot contribute to your HSA and you are not eligible for an employer contribution until January 1 of the following calendar year.
Paying for Eligible Expenses
Before you can use your HSA to pay for eligible expenses, you must accumulate enough funds in your account to pay for those eligible expenses. As your balance grows, you can choose when and how to use the funds in your account for qualified expenses.
Log in to my.healthequity.com to manage your eligible expenses and transactions. You can even upload copies of your receipts.
There are no filing deadlines. As long as the expenses were qualified and incurred after the date the HSA was opened, you can withdraw the funds from your HSA at any time this year or in the future.
Keep your receipts. You should save your receipts for tax purposes, even though you don’t need to submit receipts when you’re reimbursing yourself with your HSA dollars. If requested by the IRS, you are responsible for providing documentation for the expenses charged to your HSA.
HSA vs FSA - What's the Difference?
The funds you contribute toward an HSA roll over from year to year—the money is yours to invest and grow pre-tax to help you save for expenses in retirement. You must be enrolled in the Marvell Anthem HDHP to enroll in the Marvell HSA with HealthEquity.
When you contribute to a Flexible Spending Account (FSA), the money must be used within the calendar year and does not roll over. You cannot enroll in a Health Care FSA if you’re contributing to an HSA. However, you can still enroll in a Day Care FSA and a Limited Health Care FSA if you’re contributing to an HSA.