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Healthcare Provider Update: Healthcare Provider for Brunswick: Brunswick Corporation, a well-known manufacturer in the marine and recreational products industry, provides healthcare benefits through its corporate plan in partnership with major insurance providers, including UnitedHealthcare and Blue Cross Blue Shield. Employees typically have access to a variety of coverage options tailored to meet their individual needs. Potential Healthcare Cost Increases in 2026: As Brunswick employees prepare for 2026, they should brace for significant healthcare cost increases resulting from anticipated surges in ACA marketplace premiums. With reports indicating some states may experience hikes exceeding 60%, the landscape of health insurance is shifting dramatically. The potential expiration of enhanced federal premium subsidies is poised to exacerbate the situation, with studies showing that up to 92% of marketplace enrollees could face out-of-pocket premium hikes of over 75%. This combination of factors indicates that Brunswick employees may need to reevaluate their healthcare strategies to manage and mitigate these impending financial impacts effectively. Click here to learn more
For Brunswick 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, Brunswick 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 Brunswick 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 Brunswick 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 Brunswick retirement planning strategy.
Articles you may find interesting:
- Corporate Employees: 8 Factors When Choosing a Mutual Fund
- Use of Escrow Accounts: Divorce
- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
- 401K, Social Security, Pension – How to Maximize Your Options
- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
- Worst Month of Layoffs In Over a Year!
- Corporate Employees: 8 Factors When Choosing a Mutual Fund
- Use of Escrow Accounts: Divorce
- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
- 401K, Social Security, Pension – How to Maximize Your Options
- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
- Worst Month of Layoffs In Over a Year!
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 primary purpose of Brunswick's 401(k) Savings Plan?
The primary purpose of Brunswick's 401(k) Savings Plan is to help employees save for retirement by providing a tax-advantaged way to contribute a portion of their salary.
Does Brunswick match employee contributions to the 401(k) Savings Plan?
Yes, Brunswick offers a matching contribution to the 401(k) Savings Plan, which helps employees maximize their retirement savings.
How can employees enroll in Brunswick's 401(k) Savings Plan?
Employees can enroll in Brunswick's 401(k) Savings Plan by completing the enrollment process through the company’s benefits portal or by contacting the HR department for assistance.
What are the eligibility requirements for Brunswick's 401(k) Savings Plan?
Employees are generally eligible to participate in Brunswick's 401(k) Savings Plan after completing a specified period of service, as outlined in the plan documents.
What types of investment options are available in Brunswick's 401(k) Savings Plan?
Brunswick's 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.
Can employees change their contribution percentage to Brunswick's 401(k) Savings Plan?
Yes, employees can change their contribution percentage to Brunswick's 401(k) Savings Plan at any time, subject to the plan's guidelines.
What is the vesting schedule for employer contributions in Brunswick's 401(k) Savings Plan?
The vesting schedule for employer contributions in Brunswick's 401(k) Savings Plan varies based on the length of service, as detailed in the plan documents.
How often can employees access their account statements for Brunswick's 401(k) Savings Plan?
Employees can access their account statements for Brunswick's 401(k) Savings Plan online, typically on a quarterly basis, or they can request them at any time.
Are loans available through Brunswick's 401(k) Savings Plan?
Yes, Brunswick's 401(k) Savings Plan may allow employees to take loans against their vested account balance, subject to certain conditions and limits.
What happens to an employee's 401(k) Savings Plan account if they leave Brunswick?
If an employee leaves Brunswick, they can choose to roll over their 401(k) Savings Plan account to another retirement account, cash out, or leave the funds in the plan, depending on the plan's rules.
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