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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).

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 2024:
    • $4,150 for employee-only coverage
    • $8,300 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.

Health Savings Account Advantage

*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.