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

Wolverine World Wide Employees, Prepare for Enhanced HSA Benefits in 2025

Healthcare Provider Update: Provides multiple medical plans, dental, vision, HSAs/FSAs, and wellness programs, with additional perks like on-site daycare and fitness centers 6. With ACA premiums rising and subsidies expiring, Wolverines comprehensive benefits may help employees avoid steep out-of-pocket costs and maintain consistent coverage. Click here to learn more

For Wolverine World Wide 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, Wolverine World Wide 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 Wolverine World Wide 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 Wolverine World Wide 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 Wolverine World Wide 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 Wolverine World Wide?

The 401(k) plan at Wolverine World Wide is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.

How does Wolverine World Wide match employee contributions to the 401(k) plan?

Wolverine World Wide offers a matching contribution to the 401(k) plan, typically matching a percentage of the employee's contributions, up to a certain limit.

When can employees at Wolverine World Wide enroll in the 401(k) plan?

Employees at Wolverine World Wide can enroll in the 401(k) plan during their initial onboarding or during the annual open enrollment period.

What investment options are available in the Wolverine World Wide 401(k) plan?

The Wolverine World Wide 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and company stock.

Is there a vesting schedule for the matching contributions at Wolverine World Wide?

Yes, Wolverine World Wide has a vesting schedule for matching contributions, meaning employees must work for a certain period before they fully own the employer's contributions.

Can employees at Wolverine World Wide take loans against their 401(k) savings?

Yes, Wolverine World Wide allows employees to take loans against their 401(k) savings, subject to specific terms and conditions outlined in the plan.

What happens to the 401(k) plan if an employee leaves Wolverine World Wide?

If an employee leaves Wolverine World Wide, they can choose to roll over their 401(k) balance to a new employer's plan, an IRA, or take a distribution, subject to taxes and penalties.

How can employees at Wolverine World Wide access their 401(k) account information?

Employees at Wolverine World Wide can access their 401(k) account information through the company’s benefits portal or by contacting the plan administrator.

Are there any fees associated with the Wolverine World Wide 401(k) plan?

Yes, there may be administrative and investment fees associated with the Wolverine World Wide 401(k) plan, which are disclosed in the plan documents.

What is the minimum contribution rate for the 401(k) plan at Wolverine World Wide?

The minimum contribution rate for the 401(k) plan at Wolverine World Wide is typically set at 1% of the employee's salary, though employees are encouraged to contribute more.