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.