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

PerkinElmer Employees, Prepare for Enhanced HSA Benefits in 2025

Healthcare Provider Update: Healthcare Provider for PerkinElmer PerkinElmer, a key player in the diagnostics and life sciences industry, offers its employees access to various healthcare providers through employer-sponsored health plans. Typically, these plans include options from prominent national insurers such as UnitedHealthcare, Anthem, and Cigna, but specific provider networks may vary based on the region and the type of plan selected. Potential Healthcare Cost Increases in 2026 As we approach 2026, PerkinElmer and its employees may face significant increases in healthcare costs amidst a challenging landscape. Predicted healthcare premiums for Affordable Care Act (ACA) marketplace plans are set to rise sharply, with some states anticipating hikes exceeding 60%. Contributing factors include the expiration of enhanced federal subsidies, rising medical inflation, and aggressive rate requests from major insurers. With over 22 million marketplace enrollees expected to see their out-of-pocket premiums surge by more than 75%, strategic planning for healthcare expenses will be critical for individuals and families in the coming year. Click here to learn more

For PerkinElmer 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, PerkinElmer 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 PerkinElmer 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 PerkinElmer 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 PerkinElmer 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 401(k) plan offered by PerkinElmer?

The 401(k) plan at PerkinElmer is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out, helping them build a nest egg for retirement.

How can I enroll in the 401(k) plan at PerkinElmer?

Employees can enroll in the PerkinElmer 401(k) plan through the company’s HR portal or by contacting the HR department for assistance with the enrollment process.

Does PerkinElmer offer a company match for the 401(k) contributions?

Yes, PerkinElmer provides a company match for employee contributions to the 401(k) plan, which helps employees maximize their retirement savings.

What is the eligibility requirement to participate in PerkinElmer's 401(k) plan?

Employees at PerkinElmer are typically eligible to participate in the 401(k) plan after completing a specified period of service, as outlined in the employee handbook.

How much can I contribute to the PerkinElmer 401(k) plan each year?

Employees can contribute up to the IRS limit for 401(k) contributions, which may change annually. PerkinElmer encourages employees to check the current limits for accurate information.

Are there any investment options available in PerkinElmer's 401(k) plan?

Yes, PerkinElmer offers a variety of investment options within the 401(k) plan, including mutual funds and other investment vehicles to help employees grow their retirement savings.

Can I change my contribution amount to the 401(k) plan at PerkinElmer?

Yes, employees can change their contribution amounts to the PerkinElmer 401(k) plan at any time, subject to certain guidelines provided by the plan.

What happens to my 401(k) if I leave PerkinElmer?

If you leave PerkinElmer, you have several options for your 401(k), including rolling it over to a new employer’s plan, transferring it to an IRA, or cashing it out, though cashing out may incur taxes and penalties.

When can I start withdrawing from my PerkinElmer 401(k) plan?

Employees can typically begin withdrawing from their PerkinElmer 401(k) plan at age 59½, though there are specific rules and conditions that apply.

Does PerkinElmer offer loans against my 401(k) balance?

Yes, PerkinElmer allows employees to take loans against their 401(k) balance, subject to the terms and conditions of the plan.