Prepare for 2022: Take These Steps Now
Your 2022 benefit elections are set, so now it’s time to take care of some year-end housekeeping items. Here are a few reminders and things to think about as you get ready to use your 2022 benefits.
1. Submit Your 2021 FSA Claims
You have until March 31, 2022, to submit any claims incurred during the 2021 plan year (January 1 to December 31). Claims can be submitted through the Hitachi Benefit Pool website or the MyChoice mobile app. If you do not submit your claims by March 31, you will forfeit any remaining money in your account.
2. Review Your 401(k) Plan Contribution
With 401(k) contribution limits increasing in 2022, now is the perfect time to review your current contributions and consider increasing yours. Even a small increase can make a difference!
Starting January 1, you can contribute an extra $1,000 into your 401(k) Plan, up to a maximum of $20,500 a year.
And if you’re age 50 or older, you can contribute an additional $6,500 a year, up to a maximum of $27,000 a year.
Remember, Hitachi Vantara gives you free money when you contribute on your own. And you’re 100% vested immediately in our matching contribution:
- First year of service: 100% of up to 4% of eligible pay.
- Second year of service: 100% of up to 5% of eligible pay.
- Third year of service and beyond: 100% of up to 6% of eligible pay.
Plus, the plan features an after-tax (Roth) option that lets you pay more taxes now and less when you withdraw the money in retirement.
3. Update Your Beneficiaries
This past year, your life may have changed, which means it’s time to review your list of beneficiaries and update them as necessary. Visit Fidelity to update your 401(k) and Deferred Compensation beneficiary information, or call 1-800-835-5095. And visit the Hitachi Benefit Pool website to update beneficiaries for your basic and optional life insurance, as well as AD&D coverage.
4. Submit Your WellPerk Expense by December 31
Bought exercise equipment or a fitness membership? Participated in a wellness program, or downloaded a wellness app? Or maybe you paid a bit more for food delivery and on-demand movies to make life a bit easier during the pandemic. Ask for reimbursement! With WellPerk, you can seek reimbursement of up to $650 each year for eligible health and wellness expenses. And during COVID-19, additional expenses like food delivery and on-demand entertainment are eligible for reimbursement, too. But all 2021 reimbursement requests are due by December 31, so don’t delay!
5. Spend a Few Minutes With the Health Savings Account
If you’re currently enrolled in or about to start coverage under a Hitachi Vantara medical plan, you have the benefit of a Health Savings Account or HSA. There are some pretty awesome tax advantages with the HSA, but it’s important that you understand what eligible expenses are and how you can save money in your HSA (plus we contribute to it!). If you’re in California or New Jersey, you should know that state taxes will still apply. Learn more.