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

Fortune Brands Home & Security Employees, Prepare for Enhanced HSA Benefits in 2025

Healthcare Provider Update: Healthcare Provider for Fortune Brands Home & Security: Fortune Brands Home & Security typically collaborates with major healthcare insurance providers to offer employee health coverage, but specific details regarding their healthcare contracts can vary. Common providers for companies of their size often include UnitedHealthcare, Aetna, and Cigna. Potential Healthcare Cost Increases in 2026: As 2026 approaches, healthcare costs are expected to surge significantly, driven by a confluence of factors. The impending expiration of enhanced federal premium subsidies under the Affordable Care Act could exacerbate financial strain, with many consumers facing potential out-of-pocket premium increases exceeding 75%. Simultaneously, the overall rise in medical expenses-fueled by inflation in hospital and prescription drug costs-will compound the situation, prompting insurers to propose steep premium hikes. With these challenges, individuals and families may find themselves navigating a precarious financial landscape regarding their healthcare options. Click here to learn more

For Fortune Brands Home & Security 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, Fortune Brands Home & Security 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 Fortune Brands Home & Security 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 Fortune Brands Home & Security 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 Fortune Brands Home & Security retirement planning strategy.

Articles you may find interesting:

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.

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

Fortune Brands Home & Security offers its employees both a pension plan and a 401(k) plan under the broader Fortune Brands Home & Security Retirement Savings Plan. This plan is a Defined Contribution Plan, allowing employees to participate in either a 401(k) or Profit-Sharing Plan. Fortune Brands Home & Security employees have access to a 401(k) Plan, where employee contributions are matched by the company at varying rates, depending on the employee's position and years of service (QDRO.com) (SimpleQDRO). The company offers automatic enrollment in the 401(k) plan, where employees are enrolled at a contribution rate of 3% of their salary. The contribution rate can increase by 1% annually until it reaches 6%, unless the employee opts out (SEC.gov). Additionally, Fortune Brands provides Profit-Sharing Contributions, which vary depending on the company division, and employees are vested in these contributions after three years of service. Employees who meet specific requirements, such as 10 years of service and attaining age 55, become fully vested in their 401(k) and profit-sharing accounts (SEC.gov). The vesting schedules for the pension and 401(k) plans depend on the employee’s years of service. Most employees achieve full vesting after three years of service, but for employees of divisions like Rohl and Fiberon, the vesting timeline can extend up to five years

News: In early 2024, Fortune Brands Home & Security announced a significant restructuring initiative aimed at streamlining operations and enhancing efficiency. The company revealed plans to reduce its workforce by approximately 5% as part of this strategic shift. Additionally, Fortune Brands is re-evaluating its employee benefits package, including potential changes to retirement plan offerings and adjustments to health benefits. Explanation: Given the current economic environment, where companies are reassessing their financial stability and operational efficiency, this news is crucial. Changes in employment and benefits could impact employees' financial planning, particularly in terms of retirement savings and healthcare costs. Understanding these adjustments is essential due to the broader economic and tax landscape, which could affect investment strategies and personal financial decisions.

Stock Options: FBHS provided stock options to key executives and senior management as part of their long-term incentive program. This was aimed at aligning the interests of executives with those of shareholders. RSUs: RSUs were granted to employees based on performance metrics and tenure. These units vest over a period of time, typically 3-4 years, contingent on continued employment and performance.

health benefits for Fortune Brands Home & Security. This will take some time to ensure accuracy and comprehensiveness. I’ll provide a summary once I have the details. In the meantime, if you have any specific aspects of their health benefits or recent employee healthcare news you're particularly interested in, please let me know!