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2021 OE Update

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Cayla: Hello and welcome to your 2021 Open Enrollment Update. I'm Cayla Lee, and I'll be taking you through a high level overview of Open Enrollment expectations and changes for the 2021 plan year. If you want to learn more after this presentation about the benefit choices available to you, access the Choices presentation also located on Degreed. Open Enrollment will be November 1-15, 2020. Remember, this is the time of year that you're able to make changes to your enrollments, add and remove dependents without requiring a qualifying life event. So it's important to access your benefits and confirm that you have the best coverage for your needs. We can all use some good news this year. So let's talk about that first. There will be no change in premiums, copays, and deductibles for employees in the 2021 plan year. This goes for medical, dental, and vision premiums, and medical costs. It's very rare that we get to share that there's no increase and it's contributed to the decision made by our Southwire Leadership Team for Southwire to absorb all of the cost increase for 2021. So, yes, this does not mean that our costs remain flat. Health care costs continue to rise, and we're no exception at Southwire. But due to the hardships of this year, our leadership team made this decision with our employees' well-being in mind. We are truly grateful that we are able to share this news with you all. So as I mentioned, healthcare costs do continue to rise. We will expect about a 5% increase from the projected 2020 cost, totaling $99 million overall for 2021. This is the total cost anticipated and shared by Southwire and employees. We've typically had a cost share model of 65% Southwire and 35% employees. You can see here that Southwire's portion will increase slightly as they take on the employee premium increase portion for 2021. So again, that means no change or increase in premiums or medical costs, which are your copays and deductibles for employees in 2021. So now through November 1 is the time that you should learn and be prepared to choose or update your plan choices during Open Enrollment. You can do so through the people portal at People.Southwire.com. Through this intranet site, you can access the Whole You and BenefitFocus, which both house additional information about the benefits and total rewards available to you. So it includes videos, worksheets, and vendor websites that you can access to learn more. If you aren't sure about which medical plan to choose, you can talk to ALEX, an interactive virtual benefits counselor on medical plans and tax savings accounts. You'll also want to access your electronic choice guides through these sites. If you don't access the people portal often, you may experience issues logging in. First, make sure you've set up your multi-factor authentication question if you're planning to access away from a Southwire facility. If you haven't logged into the system in the last 90 days, your password is probably expired and has been reset to the generic password of SwMMDDYYYY! which is your birthday, exclamation mark. This is for the initial login only and will require you to change your password as soon as you log in. If you continue to experience issues, reach out to your HR representative or reach out to help desk via phone to have a password generated for you. Remember, Rewards Choices for 2021 must be made November 1-15, 2020. You must make your elections and BenefitFocus either by accessing the portal through People.Southwire.com, downloading the BenefitFocus app, or calling the Benefits service center. We also encourage you as this is the time that you're already accessing the system to make sure that your personal information and address are current in Success Factors so that you remain in the know. This is important for communications from Southwire or Benefits vendors, W-2 mailings and so on. If you're adding dependents during Open Enrollment, you're required to provide their Social Security number, birth date, and supporting documentation. Review the chart here to identify the documents required for the dependent type that you're adding. And make sure to go ahead and start gathering that documentation and this information so you can submit to BenefitFocus. The dependent must be added during the Open Enrollment window, but documentation must be submitted for the added dependent by November 20 or the dependent will not be covered. While updating beneficiaries is not a required portion of Open Enrollment, it's a great time to review your life insurance beneficiary in BenefitFocus and your 401k beneficiary listed in Fidelity to make sure that you have the right person. Let's talk about some new faces for our benefits plans. You can also expect to see some new faces or brands for our benefits, but the offerings and coverage will remain the same. First, our expert medical opinion provider, which is formerly Advanced Medical, is now Teladoc. This is a free second opinion service provided to all medically enrolled employees and dependents. The Identity Theft insurance provider, previously InfoArmor has changed to Allstate Identity Protection. And lastly, our prescription drug insurance provider Envision has changed their name to Elixir. There's no change in coverage or benefits and this will not generate new ID cards for the prescription drug program. However, you will start seeing these new brands on communications from these vendors. Now that you have an overview of what's new and what's changing, what should you do. Review your Choices Guide. Hourly employees will still receive a hardcopy Choice Guide at their facility. Salaried employees will not receive a paper Choice Guide and should access the Whole You or BenefitFocus to review. All electronic Choice Guides this year will have additional video resources to learn more about your options. So we encourage everyone to access these to help you make the best choices. If adding dependents, go ahead and gather those documents required so that you can upload by November 20. Then during Open Enrollment, which is November 1-15, make sure to review your elections and make changes. This will be a passive enrollment year for 2021, which means that your current elections will roll into the 2021 plan year. However, there are some exceptions to that, which we'll get to in just a second. Make sure to review, add, or remove any dependents that you need to. Review and update your beneficiaries if necessary. Make sure to enroll in your HSA or health savings account or FSA, flexible spending accounts. These are benefits that require enrollment every year. If you are currently contributing to a health savings account or flexible spending account, you will have to access BenefitFocus during Open Enrollment to make new contribution elections for the 2021 plan year. Lastly, if you're eligible for a Vacation Buy-up plan, you must make an election for 2021. These contributory accounts and Vacation Buy-up benefits do not roll over year over year. They require you to take action. Make sure that your personal information such as your address is updated in Success Factors. New Anthem medical ID cards will be mailed to all enrolled employees for the 2021 plan year. If you don't have the correct updated address, this will go to the wrong person. And finally, the last payroll cycle of the year, which is December 30, 2020 pay date will not have benefit deductions. This is due to 2020 being a Leap Year and having an extra pay cycle. So this goes for all HSA contributions, any medical, dental, or vision premiums, so on and so forth, will not be deducted from your last paycheck of the year. This concludes our Open Enrollment Update for the 2021 plan year. If you have any questions, please reach out to your HR representative. Thank you. Happy Open Enrollment.

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Duration: 8 minutes and 48 seconds
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Language: English
License: All rights reserved
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Posted by: southwire on Oct 22, 2020

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