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Atkore Employees, Prepare for Enhanced HSA Benefits in 2025

Healthcare Provider Update: Provides health coverage through Credence Blue Cross Blue Shield, Aetna Dental, CVS Caremark, and EyeMed, with HDHP and HSA options 2. With ACA insurers requesting double-digit hikes, Atkores HDHP with HSA support offers a tax-advantaged, cost-effective alternative to marketplace plans. Click here to learn more

For Atkore employees, maximizing contributions to your HSA in 2025 may be a smart way to control costs around healthcare and also grow your long-term savings for retirement, said.

With the increase in HSA contribution limits coming soon, Atkore employees approaching retirement should take advantage of this opportunity to grow their healthcare savings now so they can take a tax-efficient approach to future medical costs, said Sullivan.

In this article, we will discuss:

1. Limits on 2025 IRS health savings account (HSA) contributions.

2. How HSAs give you a triple tax advantage and help you control costs for healthcare.

3. HSAs & retirement planning & Medicare premiums.

The IRS has announced inflation-adjusted increases to the health savings account (HSA) contribution limits for 2025. The contribution cap for those with self-only health coverage will increase from USD 4,150 in 2024 to USD 4,300 in 2025, and for families, the maximum will increase from USD 8,300 to USD 8,550.

HSAs provide a triple tax benefit - contributions are deductible, account assets grow tax-free, and withdrawals for approved medical expenses are tax-free. Such features help HSAs manage healthcare costs.

Your high-deductible health plan must offer an HSA. For the year 2025, the IRS says the plans must carry a USD 1,650 individual deductible and USD 3,300 family deductible.Even with all these benefits, a 2023 survey by the Plan Sponsor Council of America found only 19% of HSA account holders invest—most keep their savings in cash—potentially missing big growth opportunities.

The IRS is also updating the catch-up contribution limit for Atkore employees over age 55 this year—keeping the USD 1,000 catch-up contribution for now.Understand HSAs and how they could benefit your financial strategy—especially with the rise of healthcare costs and retirement planning. Prompt financial decisions such as switching to a Roth IRA or drafting a will are life planning steps as well.

And for Atkore employees approaching retirement age: HSA money can help pay for Medicare premiums when you turn 65. That includes Medicare Advantage plans, as well as Parts B and D premiums, although Medigap premiums are not eligible for HSA expenditure. While not all medical expenses are covered by Medicare, funding these costs through HSAs could optimize your healthcare spending in retirement. A 2022 study by Fidelity Investments estimated medical costs for a retired couple would be around USD 315,000 after taxes.

Consider your health savings account (HSA) an essential tool in your financial toolkit. Like getting a new phone, increasing HSA contribution limits for 2025 gives you more options to manage and invest in your healthcare. You can think of contributing to your HSA as downloading an app that gives you triple tax benefits—deductions on contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses. This keeps your health coverage as current and efficient as new technology—making your HSA a critical component of your Atkore retirement planning strategy.

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Sources:

1. Fidelity Investments. 'HSA Contribution Limits 2024 and 2025.' Fidelity.com , 23 Jan. 2025, https://www.fidelity.com/learning-center/smart-money/hsa-contribution-limits . Accessed 5 Mar. 2025.

2. Plan Sponsor Council of America (PSCA). 'Helping Employees Enroll in HSAs.' PSCA.org , 9 Nov. 2023, https://www.psca.org/news/psca-news/2023/11/PR_2023_HSAreprot . Accessed 5 Mar. 2025.

3. Internal Revenue Service (IRS). 'Part III Administrative, Procedural, and Miscellaneous.' IRS.gov , May 2024, https://www.irs.gov/pub/irs-drop/rp-24-25.pdf . Accessed 5 Mar. 2025.

4. Woodruff Sawyer. 'IRS Releases 2025 HSA Contribution Limits and HDHP Deductible and Out-of-Pocket Limits.' Woodruffsawyer.com , 13 May 2024, https://woodruffsawyer.com/insights/2025-hsa-limits-released . Accessed 5 Mar. 2025.

5. Plan Sponsor Council of America (PSCA). 'HSAs: A Growing Retirement Savings Strategy.' 401k Specialist , Nov. 2023, https://401kspecialistmag.com/higher-numbers-of-hsas-positioned-as-retirement-savings-strategy . Accessed 5 Mar. 2025.

What is the Atkore 401(k) plan?

The Atkore 401(k) plan is a retirement savings plan that allows employees to save for their future by contributing a portion of their salary on a pre-tax basis.

How can Atkore employees enroll in the 401(k) plan?

Atkore employees can enroll in the 401(k) plan by completing the enrollment process through the company's benefits portal or by contacting the HR department for assistance.

Does Atkore offer a company match for 401(k) contributions?

Yes, Atkore offers a company match for employee contributions to the 401(k) plan, which helps employees maximize their retirement savings.

What is the maximum contribution limit for Atkore’s 401(k) plan?

The maximum contribution limit for Atkore’s 401(k) plan is determined by the IRS guidelines, which are updated annually. Employees should check the latest limits for the current year.

Can Atkore employees change their contribution percentage to the 401(k) plan?

Yes, Atkore employees can change their contribution percentage at any time by accessing their account through the benefits portal.

What investment options are available in the Atkore 401(k) plan?

The Atkore 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.

When can Atkore employees start withdrawing from their 401(k) plan?

Atkore employees can start withdrawing from their 401(k) plan without penalty after reaching the age of 59½, or under certain circumstances such as financial hardship.

Does Atkore allow loans against the 401(k) plan?

Yes, Atkore allows employees to take loans against their 401(k) balance, subject to specific terms and conditions outlined in the plan documents.

Are there any fees associated with the Atkore 401(k) plan?

Yes, there may be administrative fees and investment-related fees associated with the Atkore 401(k) plan. Employees should review the plan documents for detailed information.

How often can Atkore employees change their investment options within the 401(k) plan?

Atkore employees can change their investment options within the 401(k) plan at any time, allowing for flexibility in managing their retirement savings.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

Atkore announced a restructuring plan aimed at streamlining operations and reducing costs, which includes layoffs across several divisions. The company has also indicated changes to its benefits program to align with its new operational focus. These changes come as part of a broader strategy to enhance financial stability and efficiency.

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For more information you can reach the plan administrator for Atkore at 16100 South Lathrop Avenue Harvey, IL 60426; or by calling them at +1 708-339-1610.