The following is important information for all full-time employees hired before October 1, 2023.
Please read the entire memo!
OPEN ENROLLMENT
It is time once again for open enrollment in the following plans for 1/1/2024:
Medical Dental Vision HSA FSA
You will see a notification on your Paycom app. However, if you are not making any changes to any of the above plans, you don’t need to do anything. Please just ignore the notification in the app. It will go away on its own at the end of November.
You only need to take action if you are changing your enrollment. If you need to add or drop any of the above plans, if you need to add or drop a dependent, or if you want to change your HSA contribution amount, then you need to go to your Paycom app and make the changes. Go to the bell icon and you will see 2024 benefits enrollment. You can view your current benefits on the Paycom app, under benefits, current benefits. It may be helpful for you to look the current benefits first. If you need assistance, please let me know.
All changes must be submitted by 11/30/2023. If you have not taken action or made changes by the end of the month, your current plans will carry over into 2024 as is, and you will be locked into them until 12/31/2024. The above plans cannot be changed during the plan year unless you can prove a qualifying event as defined by the IRS. Qualifying events are birth, death, marriage, divorce, or change in spouse’s employment. You only have 30 days after a QE to act and request a change.
Spouses cannot be covered under our medical plan if they have an offer of coverage at their own job. If your spouse is covered on our medical and their job situation changes so that they get an offer of coverage at a new employer, you must notify me within 30 days of the job change to drop their medical coverage.
A reminder for HSA contributors over 65, or who are turning 65 in 2024: if you plan to enroll in Medicare Part A, you should stop your contributions to HSA. Contributions to a pre-tax HSA are penalized by the government if you do them simultaneously while enrolled in Part A. Kelley Automotive is not notified if/when you enroll in Part A and cannot offer tax advice, so consult your own tax professional if you have questions about when you should enroll in Medicare and how it affects your HSA. The FSA option for out-of-pocket medical expense reimbursement is available for those who are enrolling in Part A.
If you currently have FSA for 2023, you do need to go into your benefits on Paycom and adjust your FSA amount for 2024 or change it to zero if wish to drop FSA for 2024.
SUPPLEMENTAL PLANS
Voluntary life Short term disability Accident
Spouse life Long term disability Critical Illness
Child life
There is no open enrollment for any supplemental plan. You can drop existing supplemental plans simply by requesting in writing (email) at any time throughout the year. If there is any supplemental plan you declined at hire and that you wish to enroll in now, please contact me. You will have to complete an evidence of insurability form, disclosing your health history. The carrier will review it and may or may not allow you to enroll.
NOTE: If you are a new hire who started work with us between Oct 1st-Nov 1st, you will see all plan offerings, including the supplemental plans in your 2024 benefit enrollment line-up, not just the open enrollment ones. Your effective date for all elected plans is 1/1/2024. Open enrollment does not apply to you.
Also, the IRS has changed the minimum deductible amount required for high deductible plans. In order to keep our plan in compliance with the law, Kelley Auto is required to increase the deductibles in our medical plan for 1/1/2024. The deductible for single will go from $1500 to $1600. The deductible for all dependent classes will go from $3000 to $3200.
Please let me know if you have any questions or are unsure how to proceed. I will be happy to help!
Mary Lynn Hamrick
260-434-4761