Chemours Employees, Prepare for Enhanced HSA Benefits in 2025

For Chemours 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, Chemours 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 Chemours 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 Chemours 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 Chemours 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 Chemours 401(k) Savings Plan?

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

How can Chemours employees enroll in the 401(k) Savings Plan?

Chemours employees can enroll in the 401(k) Savings Plan by completing the online enrollment process through the company's benefits portal during the enrollment period.

What is the matching contribution offered by Chemours for the 401(k) Savings Plan?

Chemours offers a matching contribution to the 401(k) Savings Plan, which typically matches a percentage of employee contributions, up to a certain limit.

Are there any eligibility requirements for Chemours employees to participate in the 401(k) Savings Plan?

Yes, Chemours employees must meet specific eligibility requirements, such as being a full-time employee and reaching a minimum age, to participate in the 401(k) Savings Plan.

Can Chemours employees change their contribution amounts to the 401(k) Savings Plan?

Yes, Chemours employees can change their contribution amounts to the 401(k) Savings Plan at any time through the benefits portal.

What investment options are available in the Chemours 401(k) Savings Plan?

The Chemours 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles tailored to different risk levels.

How often can Chemours employees review their 401(k) account statements?

Chemours employees can review their 401(k) account statements quarterly, and they can also access their account information online at any time.

What happens to Chemours employees' 401(k) savings if they leave the company?

If Chemours employees leave the company, they have several options for their 401(k) savings, including rolling over the balance to another retirement account or withdrawing the funds, subject to tax implications.

Is there a loan option available through the Chemours 401(k) Savings Plan?

Yes, Chemours employees may have the option to take a loan against their 401(k) savings, subject to the plan's rules and regulations.

How does Chemours support employees in managing their 401(k) investments?

Chemours provides resources such as financial education seminars, online tools, and access to financial advisors to help employees manage their 401(k) investments effectively.

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

Chemours has announced a restructuring plan that involves a significant reduction in workforce across various departments. This decision is part of a broader strategy to streamline operations and improve profitability.