Time to Give Yourself a Financial Health Check-Up
November 18, 2020
CoolSys cares about you and your health. We have been hyper-focused on your physical health this year, but that’s only part of the picture of your overall health. Another important aspect is your financial health, and there’s no time like the present to give that area of your life a check-up. Despite the challenging year we’ve faced, there are simple steps you can take to help you reach your personal financial goals and ensure you’re making the most of your CoolSys benefits.
Do you have the best auto and home policies for the money?
CoolSys has partnered with Mylo, an online insurance service that helps you to compare what you currently have with other carriers to see if you are getting the best coverage for the money. Visit Mylo online or call 844-215-4073 for details.
Are you maximizing your 401(k) and company match?
Maximizing your employer’s 401(k) plan match is a must-do strategy for retirement planning. It’s like getting free money just for saving. Here’s how it works: CoolSys contributes to your retirement savings plan based on the amount of your personal contribution. When you contribute up to eight percent of your income to the plan, CoolSys will match it 50 percent. That means for every $100 you put into 401(k) retirement savings (up to eight percent of your annual income), CoolSys gives you $50. So be sure to take advantage of matching contributions — and watch your money grow! If you have questions about the CoolSys 401(k) plan, contact your human resources representative.
Have you assigned a beneficiary to your 401(k)?
You must assign a beneficiary to your 401(k) account, just in case. To designate a beneficiary, log into your Wells Fargo account at www.wellsfargo.com, select My Account and My Profile then Manage Beneficiaries. It is a simple process that takes less than five minutes.
Have you checked out the other financial wellness services available with Wells Fargo?
- Enrich – You can learn about budgeting, debt management and saving for college or emergencies. There’s also a scholarship finder to help you evaluate schools and learn how to apply for a broad array of scholarship money.
- ARAG® – Participants have access to wills, powers of attorney and other legal documents, free of charge.
Are you maximizing your H.S.A. contributions for 2021?
For those employees who have enrolled in a qualifying benefits plan with CoolSys(HDHP), did you know you can contribute to your H.S.A. up to the federal limit in 2021. That means, if your insurance covers just you, you can contribute (combined with CoolSys’s contribution) up to $3,600 for 2021. If your insurance covers you and others in your household, you can contribute (combined with CoolSys’s contribution) up to $7,200 for 2021. Remember, this helps you save money on taxes as these contributions are pre-tax and you can make changes to your H.S.A. contributions throughout the year!
Here’s wishing you health and prosperity!