New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

Ametek Employees, Prepare for Enhanced HSA Benefits in 2025

Healthcare Provider Update: Ametek's Healthcare Provider and Insights on 2026 Cost Increases Ametek utilizes various healthcare providers for its employee benefits, with notable participation in the Affordable Care Act (ACA) marketplace for health insurance. In 2026, Ametek employees may experience significant increases in healthcare costs due to a projected sharp rise in ACA premiums, with average rate hikes forecasted to hover around 20%. The combination of expiring federal premium subsidies and soaring medical expenses-partly driven by inflationary pressures on healthcare services-could lead to shocking out-of-pocket costs, with some policyholders facing premium increases of over 75%. As employees weigh their options, it is crucial to assess both employer-sponsored plans and ACA alternatives early to mitigate financial impacts. Click here to learn more

For Ametek 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, Ametek 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 Ametek 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 Ametek 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 Ametek 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 Ametek's 401(k) plan?

Ametek's 401(k) plan is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are deducted, helping them to build a nest egg for retirement.

How can I enroll in Ametek's 401(k) plan?

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

Does Ametek match contributions to the 401(k) plan?

Yes, Ametek offers a matching contribution to the 401(k) plan, which helps employees maximize their retirement savings.

What is the maximum contribution limit for Ametek's 401(k) plan?

The maximum contribution limit for Ametek's 401(k) plan follows the IRS guidelines, which are updated annually. Employees should check the latest limits on the IRS website or through Ametek's benefits resources.

Can I change my contribution percentage to Ametek's 401(k) plan?

Yes, employees can change their contribution percentage to Ametek's 401(k) plan at any time, typically through the benefits portal.

When can I access my Ametek 401(k) funds?

Employees can access their Ametek 401(k) funds upon reaching retirement age, or in certain circumstances such as financial hardship, as outlined in the plan's guidelines.

What investment options are available in Ametek's 401(k) plan?

Ametek's 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to choose investments that align with their retirement goals.

How often can I change my investments in Ametek's 401(k) plan?

Employees can change their investment selections in Ametek's 401(k) plan at any time, subject to the specific rules of the investment options chosen.

Is there a vesting schedule for Ametek's 401(k) matching contributions?

Yes, Ametek has a vesting schedule for matching contributions, which means employees must work for the company for a certain period to fully own those contributions.

What happens to my Ametek 401(k) if I leave the company?

If an employee leaves Ametek, they have several options for their 401(k), including rolling it over to another retirement account, cashing it out (subject to taxes and penalties), or leaving it in the Ametek plan if eligible.

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

Ametek announced plans to restructure its operations to streamline its manufacturing processes and improve efficiency. The restructuring includes potential layoffs affecting multiple departments. Additionally, Ametek is reviewing its employee benefits and pension plans to align with new operational goals.