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

Equifax Employees, Prepare for Enhanced HSA Benefits in 2025

Healthcare Provider Update: Healthcare Provider for Equifax: Equifax collaborates with various healthcare providers and partners, primarily offering solutions that utilize their comprehensive data and analytics services to enhance healthcare delivery and patient experiences. They focus on improving patient outcomes by leveraging insights gathered from their expansive databases, facilitating better decision-making for healthcare organizations. Potential Healthcare Cost Increases in 2026: As we approach 2026, significant increases in healthcare costs are anticipated, primarily driven by the looming expiration of enhanced ACA premium subsidies. Without these critical financial supports, patients could face out-of-pocket premium increases exceeding 75%, effectively pricing many out of necessary coverage. Coupled with escalating medical service costs and a sharp rise in insurer demand for rate adjustments, particularly in states like New York where proposed hikes reach as high as 66.4%, the burden on consumers will intensify, prompting an urgent need for strategic healthcare planning. Click here to learn more

For Equifax 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, Equifax 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 Equifax 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 Equifax 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 Equifax 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 type of retirement savings plan does Equifax offer to its employees?

Equifax offers a 401(k) retirement savings plan to help employees save for retirement.

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

Employees at Equifax can enroll in the 401(k) plan through the company's benefits portal during the enrollment period or after they meet eligibility requirements.

Does Equifax provide any matching contributions to the 401(k) plan?

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

What is the vesting schedule for matching contributions at Equifax?

The vesting schedule for matching contributions at Equifax typically follows a graded vesting formula, allowing employees to gradually gain ownership of the contributions over time.

Can employees at Equifax take loans against their 401(k) savings?

Yes, Equifax allows employees to take loans against their 401(k) savings, subject to certain conditions and limits.

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

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

How often can employees at Equifax change their 401(k) contribution amounts?

Employees at Equifax can change their 401(k) contribution amounts at any time, subject to the plan's guidelines.

Is there an automatic enrollment feature in Equifax's 401(k) plan?

Yes, Equifax has an automatic enrollment feature that enrolls eligible employees in the 401(k) plan unless they choose to opt out.

What is the minimum contribution percentage for Equifax's 401(k) plan?

The minimum contribution percentage for Equifax's 401(k) plan may vary, but typically it starts at 1% of the employee's eligible pay.

Are there any fees associated with Equifax's 401(k) plan?

Yes, there may be fees associated with Equifax's 401(k) plan, such as administrative fees or investment fees, which are disclosed in the plan documents.

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

Equifax, as part of its employee benefits structure, offers both a pension plan and a 401(k) plan. In 2009, Equifax froze its defined benefit pension plan for many of its employees. This freeze impacted approximately 4,000 U.S. employees, though about 300 employees who met certain grandfathering criteria continued to participate in the pension plan. The defined benefit pension plan remains active for these grandfathered employees, while the remainder of the workforce transitioned to an enhanced 401(k) plan. Equifax's pension plan had over $606 million in assets as of 2007 (Workforce.com) (Equifax Inc.). For the employees transitioned to the enhanced 401(k) plan, Equifax introduced automatic contributions ranging from 1.5% to 4% of salary based on years of service. This contribution is made regardless of employee participation. Additionally, Equifax provides a 100% match on employee contributions up to 4% of pay. The company also offers investment options to maximize retirement benefits through its 401(k) plan

Restructuring and Layoffs: In early 2024, Equifax announced a strategic restructuring plan aimed at streamlining operations and improving efficiency. This move included a reduction in the workforce, affecting approximately 10% of its employees globally. The restructuring is part of a broader initiative to focus on core areas and reduce operational costs. Importance: It is crucial to monitor these developments due to the current economic climate, which is characterized by increased volatility and changing investment conditions. Companies are adjusting their strategies to stay competitive, and understanding these changes can provide insights into broader market trends and potential impacts on investment and tax strategies.

Equifax (EFX) offers stock options as part of its employee compensation packages. Employees at Equifax are granted stock options to align their interests with those of the company's shareholders. Stock options at Equifax generally vest over a period of time, encouraging long-term employment. Specific details on the vesting schedule and eligibility can be found in Equifax’s employee handbook or compensation plan documents. As of 2022-2024, Equifax has periodically updated its stock option plans to stay competitive and reward high-performing employees. Restricted Stock Units (RSUs): Equifax (EFX) provides Restricted Stock Units (RSUs) to employees, which are typically used to retain talent and incentivize performance. RSUs at Equifax vest based on time or performance metrics. RSUs at Equifax are usually granted to senior executives and high-performing employees. The vesting schedule for RSUs is detailed in Equifax's equity compensation plan. For the years 2022, 2023, and 2024, Equifax has adjusted its RSU grants to align with market trends and company performance goals.

Health Benefits Overview (2023): Equifax provides a range of health benefits including medical, dental, and vision coverage. They offer both HMO and PPO plans, with some plans featuring Health Savings Accounts (HSAs) or Flexible Spending Accounts (FSAs). Acronyms: HMO (Health Maintenance Organization), PPO (Preferred Provider Organization), HSA (Health Savings Account), FSA (Flexible Spending Account). Recent Updates: As of 2023, Equifax has continued to enhance its health benefits offerings, focusing on mental health support and expanding telemedicine services. They also introduced new wellness programs aimed at improving overall employee health and well-being.