Your 2024 Benefits

What’s Changing for 2024

Medical

  • CHP deductibles increasing to align with IRS guidelines
    • In-Network Individual deductible from $3,000 to $3,200
    • In-Network Family deductible from $6,000 to $6,400
    • Out-of-Network Individual deductible from $6,000 to $6,400
    • Out-of-Network Family deductible from $12,000 to $12,800
  • Teladoc will no longer be offered

Prescription Drugs

  • Changing from Prime Therapeutics to CVS

Health Savings Account (HSA)

  • Maximum amounts are increasing to $4,150 for individuals and $8,300 for families

Vision

  • Carrier changing to VSP

Disability

  • Weekly paid employees have the ability to elect voluntary long term disability

Voluntary Critical Illness and Accident

  • Wellness benefit enhanced to now include dental and vision routine screenings as eligible services. Only one benefit is payable per year per individual

Benefits Information for 2024

At Nidec, we offer our employees a competitive and comprehensive benefits program. This is one of many ways we recognize how important you are to the company. The following information briefly summarizes our program in a quick and easy-to-understand way.

New Hire Enrollment
As a new employee, you are eligible for coverage on your first day of employment. You must enroll in benefits within 30 days of your date of hire.

Open Enrollment
Open enrollment is your opportunity to review your current benefits and make benefit changes for the upcoming plan year. During open enrollment, you can add, change, or decline coverage. In addition, you can add and/or drop dependents during this time. Keep in mind that any dependent you add will need to go through a dependent audit verification process.

Qualifying Life Event
Once you make your elections, you will not be able to make changes until the next open enrollment period unless you experience a qualifying life event. A qualifying life event (QLE) is a change in your personal life that may impact your eligibility or dependent’s eligibility for benefits. Examples of some qualifying events include the following.

  • Change of legal marital status (e.g., marriage, divorce, death of spouse, legal separation)
  • Change in number of dependents (e.g., birth, adoption, death of dependent, ineligibility due to age)
  • Change in employment or job status

Working Spouse Coverage
If you have a spouse who works full-time and is offered benefits at his or her own employer, your spouse must elect coverage through that employer. If your spouse later loses eligibility under his or her employer’s plan, this is considered a qualifying event and he or she would be eligible to enroll in the Nidec plan as long as an application is made within 30 days of the loss of coverage.

Benefits Eligibility

Eligible Employees
You may enroll in the benefits program if you are a regular full-time employee who is actively working a minimum of 30 hours per week.

Eligible Dependents
Eligible dependents generally include your legally married spouse and children up to age 26. Children may include natural, adopted, stepchildren, or children obtained through court-appointed legal guardianship.

SSN Required
You must provide a valid Social Security Number for yourself and each enrolled dependent. Employers are required to provide names and Social Security Numbers to the federal government for each individual enrolled for medical coverage.

Benefits
Refer to your 2024 At-a-Glance Brochure for details about your benefit options for 2024.

What you need to do

  • Review the 2024 plan changes listed.
  • Review the resources listed below to help you make decisions.
  • Log in to Workday during the open enrollment period which is Nov.  6–Nov. 20, 2023.
  • Enroll and submit your 2024 benefits by the deadline which is Nov. 20, 2023.
  • Remember—you will not have another opportunity to change benefits in 2024 unless you experience a qualifying life event.
  • Make sure your contact and beneficiary information is up to date.
  • Confirm your changes by reviewing your elections and clicking “I Agree” and “Submit“ on the last summary screen.

What happens if you don’t enroll

This year’s enrollment is a passive enrollment. This means if you do nothing you will be automatically re-enrolled in the coverage choices you had in 2023 for medical, dental, vision, life, and disability benefits. However, if you wish to contribute to either a Health Savings Account (HSA), Healthcare Flexible Spending Account (FSA), or a Dependent Care FSA in 2024, you will need to make those elections during the open enrollment period. These accounts do not roll over.

Review These Resources Before You Enroll

Have benefits related questions?

The Nidec Benefits Center is here to help.
833.213.8135
NidecBenefits@Nidec-Motor.com