What you need to know

Your new benefits choices kick in January 1 and will be yours for 2024. Before the new year starts, you have a few housekeeping things to take care of.

man shrugging shoulders

Now what?

Double check your handiwork. If you enrolled in benefits, made changes, or didn’t take any action, review your confirmation statement to make sure everything is correct—that includes making sure your dependents are covered. If something looks incorrect, we have a limited time to fix errors. Open a People Guide Request by November 30 to make any corrections!

If everything looks good, you may be wondering if there’s anything left on your to-do list. And there probably is. As we approach 2024, here’s what’s on the list. Some of the stuff on this list will apply to you. Some stuff won’t. Either way, be sure to look closely so you’re not surprised in January.

Complete your (EOI)

If you increased your voluntary life insurance by more than $100,000 (or $50,000 for your spouse), you might need to answer some health questions. If so, you’ll see a task in your Workday inbox with a link that takes you to the Unum EOI site. Follow the steps on the Unum site, and when you’re done, click Submit on the task in Workday.

Tip: If you accidentally clicked Submit too soon on the Workday task, you can still access the task through the EOI announcement or by navigating to the Unum site. Go to Workday, select the Benefits app, and look for the Unum EOI option in the External Links section.

New to SimplePay Health? Complete the SimplePay Health financial agreement.

Welcome to the club! SimplePay Health uses the Aetna network, which is a new network to Workday. So, if you switched from Cigna or Kaiser to SimplePay Health for 2024, here’s what you should do:

  • It’s extremely important that you fill out your Member Financial Onboarding Form by November 30, 2023. When you enrolled, you should have received a task in Workday with an external link to the financial agreement. One of the benefit features included with your SimplePay plan is a financial line of credit. There is no credit check, and there is no impact to your credit report. Since this is a financial line of credit, Workmates will be required to electronically review and sign a financial disclosure and authorization document. If you don’t, you’ll lose eligibility for SimplePay Health coverage, and you’ll be reenrolled in your 2023 medical plan, which could also affect your HSA or FSA coverage.
  • Download the app, and register for your SimplePay Health account in January. In the meantime, you can contact your Health Valet by calling 800-606-3564 or emailing healthvalet@simplepayhealth.com.
  • Find a SimplePay Health provider for medical care and prescriptions.
  • Use the drug price lookup tool if you want to know the cost of your prescriptions.
  • Watch your mailbox in December for a new ID card, and share it with your doctors and pharmacy beginning January 1.
     

Spend down your Flexible Spending Account (FSA) balance

You need to spend the remaining money in your FSAs by December 31, 2023.

Why is that deadline important? Only $610 of your 2023 Health Care FSA balance can carry over to 2024. These funds will remain in your HealthEquity account through March 31, 2024, to enable you to submit your final 2023 claims. At that point, any remaining funds in your HealthEquity account will transfer to your new Benepass account. And the Dependent Care FSA doesn’t allow you to carry over any amount—you lose any excess funds you don’t use.

If you have a balance left, try and use it up. Maybe your glasses are in serious need of replacement. Or maybe you have a specialist appointment in January that can get moved to December. If you really don’t need any medical care before the end of the year, get creative! How about stocking up on sunscreen for your next beach vacation? Check on what’s eligible for reimbursement, and make a plan so you don’t forfeit your money.

Prep your tax-advantaged accounts

If you signed up for a Health Care FSA, Dependent Care FSA, or Limited Purpose FSA in 2024, or if you plan to use commuter benefits, watch for more information from Benepass. Here’s what you need to do:

  • Watch for a welcome email from Benepass on January 1 with login and registration instructions.
  • Download the Benepass app.
  • Starting January 1, use the virtual Benepass card to pay for eligible health expenses. If you prefer the old-fashioned way, you can request a physical debit card in the Benepass app.
  • If you carried over any FSA funds from 2023, that money will remain in your HealthEquity account through March 31, 2024. After that, any remaining funds in your HealthEquity account will automatically transfer to your new Benepass account.
  • Claims for expenses you incurred in 2023 must be filed by March 31, 2024. You’ll use your HealthEquity account for that. Claims for all 2024 expenses go to Benepass.
     

Are you getting a new ID card?

Keep an eye on the mail! If you switched to a new health plan, like the SimplePay Health plan or the new Cigna dental plan, you’ll receive a shiny new ID card by the end of December. If you didn’t switch plans, your old ID card will still be valid in 2024. 

Moved recently?

Your ID cards will be mailed to the home addresses on file in Workday. If you or your dependents haven’t updated your addresses in Workday, then you won’t receive your ID cards. And we wouldn’t want that.

Student loan repayers: Sign up for the Student Debt 401(k) Match Program

Starting in 2024, Workday is allowed to treat your student loan payments the same way as your 401(k) contributions, to get the full Workday 401(k) match. So, as long as your student loan payments plus your 401(k) contributions equal 6% of your annual pay, you’ll get the full matching contribution from Workday. But only if you opt in!

You have until December 31, 2023, to enroll in the new Student Debt 401(k) Match Program directly with Fidelity to get credit for all your student loan payments in 2024. You can still sign up after then, but it’ll take time to process your enrollment—meaning that some of your student loan payments won’t count for the program.

You must enroll in the Student Debt 401(k) Match Program with Fidelity separately from your 401(k). Go to Fidelity’s website at 401k.com (yes, that’s a real web address) to get started.

Get the most out of your HSA

Enrolled in the Cigna or Kaiser Smart Plan? Good for you! That means you get a Health Savings Account (HSA) with free money from Workday.

  • If you just switched to a Smart Plan for the first time, you need to finish your HSA setup with Fidelity. This is essential. If you don’t set up your account, your free money from Workday won’t arrive on time. Look for a notification from Fidelity in mid-December to take care of it.
  • First time using an HSA? Start here, and talk with Fidelity if you have questions.
  • Our contribution will be credited to your HSA each pay period (over 24 pay periods), just like your contributions.

Make sure your beneficiary information is accurate

Designating beneficiaries and keeping them up to date will let the fine folks at Fidelity, E*TRADE, and Unum know where to send all that money in case something happens to you.

Designate or update your 401(k) and HSA beneficiaries directly on the Fidelity website, and your ESPP beneficiaries on the E*TRADE website. For your life and AD&D benefits, do it in Workday by selecting Actions, then Benefits, and then View My Beneficiaries.

Consider your pet insurance

Did you enroll in the new PetPartners pet insurance plan? We think you’re going to love it. But, if you’re enrolled in Nationwide pet insurance right now, you’ll probably want to end that coverage to avoid paying for two pet insurance plans at the same time. Expect some materials from Nationwide in December telling you how to do that.

If you didn’t enroll in the PetPartners plan and decided to keep your Nationwide insurance, you’ll pay your premiums differently than before. Remember, Nationwide pet insurance won’t support payroll deductions anymore. Nationwide will be sending you information soon showing you what to do.

Even more benefits goodness

Did you know that there’s a whole list of programs available to you that don’t require enrollment each year? You have free financial advice from Northstar, and your wallet is begging you to take advantage. If you’ve ever been enrolled in accident, critical illness, or hospital indemnity insurance, then you get $100 just for completing your annual wellness exam. And don’t forget about the $50 per month we give you to spend on a gym membership, meditation apps, a fitness device, or anything else that strikes your healthy fancy. If all that benefit goodness isn’t enough, you may want to review our approach to holistic wellbeing and family life.

Need support?

Looking for expert advice regarding your health, life insurance, HSA, FSAs, and voluntary benefits coverage? Ask the pros at Northstar, our free financial planning and counseling benefit! If you have questions or issues on anything else, open a People Guide Request. We’re committed to providing a response within one business day.

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