|WRAP UP 2013 AND PREPARE FOR 2014|
WRAP UP 2013 AND PREPARE FOR 2014
When it comes to benefits, you’ve heard how your decisions matter. This benefits update will help you wrap up 2013 and prepare for 2014. We encourage you to read further to:
2013 FLEXIBLE SPENDING ACCOUNT (FSA) DEADLINES
If you still have unused funds in your 2013 FSA, you have until March 15, 2014, to incur eligible expenses. Any unused dollars that remain in your account after that date are forfeited—no extensions, no exceptions.
Per IRS requirements, the eligible expense must be incurred by March 15, 2014. However, you have until May 31, 2014, to file a claim for any eligible expense. If you need an Explanation of Benefits (EOB) from your health plan to file an FSA claim, contact your health plan provider directly.
USING YOUR WAGEWORKS® HEALTH CARE CARD
When you enroll in a Health Care FSA, WageWorks will automatically send you a WageWorks debit card. You may also request additional cards for your family at no additional cost. As a reminder, the IRS requires WageWorks to verify that all purchases made using your Health Care FSA are considered eligible expenses. So be sure to keep all receipts throughout the year.
If your expense requires verification, you will see a notification on your WageWorks account page at www.wageworks.com. Simply log on and check the right side of the page under “Manage My Account.” If you see an orange box called “Submit Receipts for Health Care Card Use,” it means you’re required to verify your expense. To do so, simply click the orange button and select the link to verify your transaction(s). Once there, you’ll have the option to:
You need to verify all expenses within 90 days, or your card will be suspended. If your card becomes suspended, you may reinstate your card when you submit the appropriate documentation or pay back the expense if you inadvertently used your card to pay an ineligible expense. For more information, including details on when a receipt is required, please go to www.wageworks.com/card.
JPMORGAN CHASE (JPMC) HEALTH SAVINGS ACCOUNT (HSA)
If you were enrolled in the Cigna CDHP + HSA medical plan option in 2013, the following information will assist you with transferring your HSA funds from JPMC to Optum Bank if you wish to do so. You will continue to have access to your current JPMC HSA account for qualified health expenses. However, if you are enrolled in the UnitedHealthcare CDHP + HSA medical plan option for 2014, your Siemens HSA contributions for 2014 will be deposited in your Optum Bank HSA. In order to roll over any funds from your JPMC HSA, you will need to take the following steps:
Once you have opened your Optum Bank HSA, you will need to review your JPMC HSA. If you did not make investments in your JPMC HSA, you can complete the JPMC “Account Closure form”. Account Closure forms were mailed to employees in early January. If you need a new copy of the form, please call the Siemens Benefits Service Center (SBSC) at 1-800-392-7495 from 10 a.m. to 6 p.m., Eastern Time, Monday through Friday. If you did make investments in your JPMC HSA, you will need to contact JPMC at 1-866-774-7129 between 8 a.m. and 5 p.m. Eastern Time, Monday through Friday to request liquidation of your investments, closure of your JPMC Investment Account and transfer of your HSA funds to Optum Bank.
JPMC Customer Service: 1-866-524-2483
INSURANCE PLAN ID CARDS
For those employees that changed insurance plans for 2014, a new ID card was mailed to your home. If you did not receive your new ID card, please contact the plans as indicated below:
TAKE ADVANTAGE OF PREVENTIVE CARE—AT NO COST TO YOU
Your Siemens medical plan covers most preventive care at 100% in-network. Be sure to get an annual physical and other age-appropriate screenings to monitor your health.
HEALTHY FOCUS PROGRAM
As part of our Healthy Focus Program, Siemens has arranged with the two service providers for its medical plan options—Anthem Blue Cross Blue Shield (Anthem) and UnitedHealthcare (UHC)—to make a personal Healthy Focus Nurse available for you and your family. Your Healthy Focus Nurse will assist you in making sure you have the information, tools and resources you need—whatever your health care needs may be.
Throughout the year, a Healthy Focus Nurse from the service provider of the medical plan option in which you are enrolled may contact you to help support you in managing your health. Here are just some of the ways you can receive support:
Remember, Healthy Focus is a completely voluntary program.
Participation in this program is strictly between you and the Healthy Focus Program provider. Siemens does not participate in any part of this program and is not responsible for any information or guidance that may be provided to you or your family.
REVIEW YOUR BENEFICIARY INFORMATION
Be sure the important people in your life are taken care of. Review your beneficiaries by visiting the Your Benefits Resources™ (YBR) web site and selecting Update Your Beneficiaries towards the top of the Welcome page. Click Update Beneficiaries to review and make any changes that may be needed. Beneficiary information can be updated online for the following plans:
SAVING FOR RETIREMENT: WOULD YOU REFUSE FREE MONEY?
That’s what you are doing if you don’t participate in the Siemens Savings Plan. You are giving up tax advantages and possibly matching contributions.
The Siemens Savings Plan is a great way to prepare for a more secure financial future. Because contributions are made directly from your pay, it’s easy to save consistently for retirement. With the plan’s before-tax advantages and Siemens’ matching contributions (where available), your retirement savings will stretch even further.
LIMITS YOU NEED TO KNOW
It’s a great idea to save as much as you can for retirement, but there are annual limits set by the federal government on the maximum amount you can save in the Siemens Savings Plan.
The IRS has announced the contribution limits for 2014:
Visit the YBR web site to change your contribution rate or investment election, or simply to learn more about the plan.
This Benefits Update provides a brief explanation about Siemens benefits. Complete details of the various benefits plans in the program can be found in the legal plan documents and insurance contracts that govern the plans in the program. If there is a difference between this information and the documents and contracts, the documents and contracts will govern. Siemens Corporation reserves the right to amend or terminate any plan or any part of a plan at any time.
|Impact of U.S. Supreme Court Decision on the Defense of Marriage Act on Siemens Benefits Programs|
Impact of U.S. Supreme Court Decision on the Defense of Marriage Act on Siemens Benefits Programs
On June 26, 2013, the U.S. Supreme Court, in United States v. Windsor, found Section 3 of the federal Defense of Marriage Act (DOMA), which prohibited the federal government from acknowledging marriages between same-sex couples, unconstitutional.
Click on Tell Me More to learn how the changes affect the Siemens benefits programs for legally married same-sex couples, and what actions you may need to take.
We're Glad You're Considering Siemens!
Here you'll find an overview of our valuable benefits package. Benefits are a significant portion of the total rewards package that Siemens provides. As a Siemens employee, you may be eligible for the Flexible Benefits Program and the Siemens Savings Plan—the 401(k) plan.
The Siemens Flexible Benefits Program
The Siemens Flexible Benefits Program offers a variety of benefit choices so you can find the right coverage for your health care and insurance needs.
Siemens offers a choice of several medical plans. The plans are similar in the services they cover, but vary in your costs and choice of providers. Options include:
- Consumer-Directed Health Plan (CDHP) + Health Savings Account (HSA), a high-deductible plan
- Preferred provider organization (PPO) option, where available
- Health maintenance organization (HMO) option, where available
- Exclusive provider organization (EPO) option, where available
If you enroll in a Siemens medical plan, your plan benefits include prescription drug coverage.
Siemens dental benefits cover the cost of most preventive care and help you pay for a wide range of other dental services.
Siemens vision benefits provide an annual basic eye exam and contact lens evaluation along with discounts for contacts, frames and lenses. If you would like additional coverage for contacts, frames and lenses, you can elect to enroll in one of two employee-paid vision programs.
Flexible Spending Accounts (FSAs)
Flexible spending accounts, or FSAs, help you save money by allowing you to set aside before-tax dollars from your paycheck to pay for eligible expenses. Siemens offers two FSAs–the Health Care Account (for medical and dental expenses) and the Dependant Day Care Account (for elder care, day care or other dependant care expenses that allow you to work). You can choose to enroll in one or both accounts.
Siemens offers several insurance plan options for your protection and financial security:
- Basic Employee Life Insurance
- Supplemental Employee Life Insurance
- Spouse Life Insurance
- Dependant Life Insurance
- Personal Accident Insurance
Short-Term Disability and Long-Term Disability
Short-term disability helps protect you against loss of income during the first six months of a physical or mental disability. Long-term disability coverage continues a portion of your income if a physical or mental disability prevents you from working after six months of short-term disability.
Long-Term Care Insurance
Long-term care insurance helps cover the cost of services you (or your eligible spouse or partner, parents or grandparents; or your spouse's parents or grandparents) receive for a long-lasting disability or illness, such as nursing home care. This fully employee-paid plan offers a Facilities and a Comprehensive plan.
Business Travel Accident Insurance
Company-paid business travel accident insurance pays benefits to you (if you sustain certain injuries) or your beneficiary (if you die) as a result of an accident while on a business trip. Coverage equals five times your basic annual pay, up to a maximum of $500,000.
Employee Assistance Program
The Employee Assistance Program (EAP) provides free, confidential resources to help you manage personal, family or financial problems. It is available to all active Siemens employees, including family members.
Ayco Personal Finance Program*
This program offers discounted, confidential access to professional financial planners to help you plan your future, as well as unlimited access to a secure, personalized website with educational resources and financial planning tools.
The Siemens Savings Plan
The Siemens Savings Plan is a 401(k) plan that allows you to save up to 25% of your pay. You can make before-tax contributions, Roth 401(k) contributions or regular after-tax contributions, up to certain limits.
The plan also has an Automatic Contribution Escalation feature that allows you to increase the percentage you contribute each year to the Siemens Savings Plan automatically, up to the limits of the plan.
The plan offers a variety of investment options–investment options you can use to build a portfolio; five complete, ready-made investment portfolios; and a self-directed brokerage account.
HR Login is a resource for Siemens HR Colleagues ONLY.
If you are a Siemens HR colleague and need login assistance, please contact the Benefits Functional Center. As a reminder, login name and password are case sensitive.
Find it fast...
Your Benefits Resources (YBR) web site: http://resources.hewitt.com/
Siemens Benefits Service Center (SBSC) phone number: 1-800-392-7495
If you have a need that can’t be addressed on YBR or if you don’t have Internet access, you can call the SBSC for help. Representatives are available weekdays from 10 a.m. to 6 p.m. Eastern Time.