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

Goodyear Tire & Rubber Employees, Prepare for Enhanced HSA Benefits in 2025

Healthcare Provider Update: Healthcare Provider for Goodyear Tire & Rubber Goodyear Tire & Rubber typically partners with various health insurance providers to deliver employee healthcare benefits. Notable providers often include major national insurers like UnitedHealthcare, Anthem, and Aetna, among others. Specific provider information may vary by location and employee plan. Potential Healthcare Cost Increases for Goodyear in 2026 As Goodyear Tire & Rubber braces for anticipated healthcare costs in 2026, employees should prepare for substantial premium hikes linked to the Affordable Care Act (ACA). With many states expecting increases exceeding 60% and the potential expiration of enhanced federal subsidies, Goodyear may introduce adjustments to benefit plans to mitigate rising expenses. Furthermore, the broader trend of increasing medical costs along with changes in plan design could mean that employees face a larger portion of out-of-pocket healthcare expenses, necessitating careful evaluation of their benefits and cost-management strategies. Click here to learn more

For Goodyear Tire & Rubber 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, Goodyear Tire & Rubber 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 Goodyear Tire & Rubber 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 Goodyear Tire & Rubber 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 Goodyear Tire & Rubber 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.

Pension Plan Information: Goodyear's Form 10-K typically includes information about pension plans in the section discussing employee benefits and retirement plans. The page number might vary between reports. 401(k) Plan Information: This is also covered in the employee benefits section of the Form 10-K, describing the 401(k) plan details.

Restructuring and Layoffs: In 2023, Goodyear announced significant restructuring efforts, including layoffs aimed at reducing operational costs and streamlining their global operations. The company aimed to improve profitability amidst a challenging economic climate. This restructuring is part of Goodyear's broader strategy to adapt to the current economic environment, which includes shifting market demands and evolving industry standards.

Goodyear Tire & Rubber offers stock options and RSUs as part of their compensation package. Stock options typically grant employees the right to purchase shares at a set price in the future. RSUs are granted to employees with vesting conditions.

Goodyear Tire & Rubber: Health Benefits Information 1. Official Website Goodyear Tire & Rubber's Official Site: Check the "Careers" or "Employee Benefits" section for information on health benefits. 2. Employee Benefit Reviews Glassdoor: Look for employee reviews related to benefits and healthcare. Indeed: Search for employee reviews and benefits information. 3. News Articles Business Insider: Search for articles on Goodyear's employee health benefits and recent changes. Forbes: Look for recent news about Goodyear’s employee benefits and healthcare policies. 4. Industry Publications HR Magazine: Look for articles related to Goodyear’s healthcare benefits and any recent updates. Employee Benefit News: Check for articles about Goodyear's health benefits and any changes or trends. 5. Financial and Business News Reuters: Search for any recent business news affecting Goodyear’s health benefits. Bloomberg: Look for articles on Goodyear’s employee benefits and related financial impacts. Specific Healthcare-Related Terms and Acronyms HSA: Health Savings Account FSA: Flexible Spending Account PPO: Preferred Provider Organization HMO: Health Maintenance Organization EAP: Employee Assistance Program COBRA: Consolidated Omnibus Budget Reconciliation Act Recent Employee Healthcare News Look for recent changes or updates to Goodyear’s health insurance plans, any new benefits introduced, or alterations to existing plans.