A new year is almost here. Before you say goodbye to 2024, review this list of to-dos, and take action on those that need it.
1. Submit 2024 Flexible Spending Account claims.
You have until March 31, 2025, to file your FSA claims for eligible health and dependent care expenses that you incurred through December 31, 2024. If you don’t submit your claims by the deadline, you risk forfeiting any remaining money in your FSA.
2. 2025 = Higher 401(k) contribution limits.
New year, new goals? If financial well-being and retirement income are areas you want to focus on, don’t forget that the IRS increased the amount you can contribute to your 401(k) Retirement Savings Plan – up to $23,500 in 2025.
3. Have an HSA? Contribute more in 2025.
If you have a Health Savings Account, the good news is that you can contribute even more in 2025: $4,300 for employee only coverage and $8,550 for family coverage. Learn more about the benefits of contributing to your HSA.
4. Update important personal information.
Updating beneficiary and emergency contact information is an important item to take care of before a new year begins.
Visit Fidelity to update your 401(k) and Deferred Compensation beneficiary information, or call 1-800-835-5095.
Visit the Hitachi Benefit Pool site to update your basic and optional life insurance and AD&D beneficiaries.
Go to HiNext to update your list of emergency contacts and your address, if you moved.
5. Don’t forget to enter time off.
In addition to giving as much advance notice as possible for FTO or vacation time, if you submit a weekly timesheet, you must enter your time off in your timekeeping system.
New medical ID cards are coming! With our switch to Capital Rx for prescription coverage, all employees enrolled in a Hitachi Anthem medical plan will receive new ID cards to begin using on January 1. Your new ID card will have your Anthem and Capital Rx information on one card. Keep your eye out for them in the mail in December.