Timely Reminders Regarding Your Financial Health
November 19, 2021
As 2021 draws to a close, it’s important to review your CoolSys benefits to make sure you’re getting the most out of them. Here are a few reminders and tips to wrap up 2021 strong and get yourself ready for the year ahead.
Are you a current Health Savings Account (H.S.A.) member?
Just a reminder that our H.S.A. carrier will switch to Health Equity on January 1, 2022. All new H.S.A. contributions from that day on will be sent to Health Equity. The current balance on your Actwise card will remain available until January 25, 2022, when back out and conversion begins.
You have three options for your current Anthem Actwise H.S.A. balance:
- You can leave it with Actwise. Your account will convert to a personal account, and you will be responsible for the $3.95 monthly fee. In addition, a $25 closure fee will be charged to your account.
- You can roll over your balance to Health Equity. On or around December 9, 2021, you will receive an email from CoolSys and Health Equity with an electronic authorization form to transfer your balance. If you submit the authorization form before January 15, 2022, your net cost will be $0. (Anthem will charge a $25 fee, but Health Equity will credit your new account for $25.) Please note that access to your Actwise funds will be blacked out between January 25 and February 9.
- You can choose to set up an individual H.S.A. account with your financial institution. Anthem Actwise will charge a $25 fee to close your account.
Do you have a balance left on your F.S.A. account for 2021?
You have only until December 31, 2021, to use the existing funds in your F.S.A. account.
Do you have the best auto and home policies for the money?
CoolSys partners with Mylo, an online insurance service. Mylo helps you 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 contribution. When you contribute up to eight percent of your income to the plan, CoolSys will match it by 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.
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 in to your Principal account at www.principal.com, select “Overview,” then “Beneficiaries.” It is a simple process that takes less than five minutes.
Here’s wishing you prosperity in 2022!