2023 Benefit Orientation

[Audio] Welcome to Sofidel's 2023 benefit Orientation Guide. In this presentation we will c over all of the benefits Sofidel has to offer. We will also be focusing on understanding insurance and how to use it effectively..

[Audio] Let's look at some basic terms before we begin diving into what Sofidel has to offer: In a few moments I will explain how this ties into YOUR coverage at Sofidel…………… A deductible is the amount you pay out of pocket on healthcare costs before your insurance company starts to contribute to your healthcare costs for the year. A co-pay is a fixed charge that a patient pays for every doctor's visit. The out-of-pocket max is the most you will pay for your healthcare in calendar year. This includes copays, deductibles and coinsurance. In other words, it's you bottom line of what you will pay if something happens to your or a family member. Knowing how your insurance and healthcare costs are structured is an important part of your personal finances. The next time you choose a plan, look at your typical healthcare needs and costs so you can make the best decision for your health, and your wallet..

[Audio] You are eligible for benefits beginning the first of the month following 60 days of hire. For example, if you were hired on October 17th, your benefits would begin January 1st. If you experience a life event such as a marriage, divorce, birth of a baby or loss of coverage you can make changes outside of open enrollment with proper documentation. Be sure to contact your HR manager within 30 days to report such a change. To enroll or make changes you want to log into ADP . You can login from the day you are hired until two weeks before your eligibility date. After that deadline there will be no exceptions. Also note, documentation has to be presented to your HR manager by this same deadline in order to be eligible for your benefits. As an example, if you would like to add your child to the policy, we ask you present a birth certificate upon your request of enrollment..

[Audio] Sofidel offers an HSA account which offers an advantage for you to save pretax dollars for your medical expenses. This can only be used together with our CDHP plan. If you elect the CDHP plan you will want to register for the HSA if you choose to. Setting up your account properly is very important. Please see your HR for instructions how to do this and set your chosen deduction. Once registered, your will get a debit card in the mail to use for purchases. You can use it at the pharmacy to cover medication copays or at the doctors to cover the copays related to your care. The most you can save for 2023 is $ 3,850 for single coverage and $ 7,750 for family coverage. Keep in mind you cannot be enrolled in Medicare, have an HRA or FSA account. Optum also has an expense tool you can plug in what you want to buy, and it will let you know if it is eligible..

[Audio] Sofidel offers three medical plans: The first plan called the CDHP plan is coupled with an HSA allows you to save money pre-tax and use the funds for your healthcare expenses. You would get a debit card and you can only use the card at a pharmacy. You do not have to enroll into the HSA but it's there if you're interested. See you local HR for instructions on how to enroll into the HSA properly. The CDHP plan offers the flexibility to have insurance but paying a lower premium out of your check. There is a $2,000.00 deductible before the plan kicks in and pays for a portion of your care. The deductible resets every calendar year. Let's use an example on how to use this plan; You fall down a flight of stairs and break your ankle and hit your head. You take an ambulance which will be applied to that $ 2,000.00 deductible then you are seen in the ER, this will also feed into your deductible as well. We won't know exactly how much until the bills start to come in. Then you get your cast and you're on the way to follow up with the orthopedic doctor .Once the bills come in, say it was $1000.00 for the ambulance and $ 1000.00 for the ER. Now you met that deductible for the year, so the specialist visit is then 20 % of the amount of the office visit. Turns out you need surgery because the cast didn't fix the break………….what could you expect to pay for said surgery ? ( break for interaction ) Answer = 20 % since this is an outpatient procedure The basic plan has a $ 1,000 deductible for a single person or $ 3,000 for a family. This means if you enroll anyone but yourself, please be aware your deductible will be $ 3,000.00 so you and a spouse, you and a child or children. That same ankle break under the basic plan would cost $1000.00 for the ambulance and $ 100 for the ER copay. What would the ortho doctor visit be? Answer= $ 45 Let's move on to the Enhanced Plan , this plan offers the most coverage but the highest deduction from your pay. If I use the same scenario of falling down those steps again, how much would I pay ? ANSWER= $ 250.00 for deductible , $ 100.00 for the ER and $ 40 for the orthopedic doctor. You're in charge of your choice and determining what is right for your family. We can make choices on how to treat our illness\ injuries. In the scenario we just spoke about what are some other ways we could have chosen to care for ourselves ? Let's use the CDHP plan as our example. I could have chosen for someone to drive me to the hospital depending on how much pain I am in. I could have chosen to go to the urgent care instead of the ER. There are difference choices but in many cases while your in that moment your not thinking what is the best way for my insurance ?? This is why we have to learn now so we have those answers..

[Audio] Along with the plan you choose that is right for you, Sofidel offers prescription coverage. The CDHP plan offers discounts on medication, but the amount of the medication is what will determine the amount you pay. Don't forget to use your HSA card to pay for prescriptions at the pharmacy. The Basic plan offers a $ 10 copay for tier 1 medication, $ 35.00 for Tier 2 medications and $60 for tier 3 medications The enhanced plan offers $10 for tier 1 medication, $35.00 for Tier 2 medications and $ 60 for tier 3 medications All plans offer mail order medication. You can sign up by calling the number on the back of your card to sign up. Q: How will you know what medication is in what tier? How do you know what your supposed to pay ? You can sign up for an account at myuhc.com or download their mobile app. You can type in the medication, and it will tell you the cost. You can also call the number on the back of the card to speak with a life representative. ( 1877- 842- 5658) Do you just pay what the pharmacy says ? This is how you take charge of your healthcare, check the amount you should pay, ask questions to see if there are resources to assist you in lowering the cost of medications. There are assistance programs, goodrx and simply asking the doctor for an alternative medication can help save YOU money..

[Audio] Sofidel offers two dental plans through Metlife, a high and a low plan. The low Plan has a $ 50 in network deductible for a single person and $150 for the family. This functions like the medical deductible we spoke about earlier. This has to be paid when you go in and receive basic or major services each year. You do not have to pay it each time you get a service done. It is either $50 or $ 150 each year, not each visit. Once your deductible is met you are only responsible for your share of the services cost. The annual maximum is $ 2,500.00 per individual on the plan. If you look at the grid above you can see it benefits you to stay within the network. If you were to go out of network your benefit is reduced by $ 1,000.00 ! Preventative services are covered at 100 % - this includes things like.

[Audio] Sofidel offers a variety of benefits at no cost to you . The first is the group life insurance with AD&D. It is effective 1st of the month follow 60 days. Sofidel offers company paid life insurance which is two times your annual base salary. In addition, you also have AD&D insurance which stands for accidental death and dismemberment. If you pass and the cause is an accident or if you lose a limb, then you r family is eligible for an additional lump sum. The benefit is automatic and no need to enroll..

[Audio] Sofidel also provides you with Short Term disability or STD. It is 100 % company paid. It gives your 60 % of your pay up to $ 1,000.00 while you are out and after the waiting period of 14 days. It pays out a maximum of 13 weeks. After this if you still need to be out you would need Long Term Disability to be paid. Well talk more in depth about LTD in a few slides. If you need to apply for STD while out sick, please ask your manager for more details..

[Audio] Another benefit at no cost is the LAP program or the Life Assistance Program …………….. New York Life's LAP program helps you and your family cope with life's unexpected events to everyday challenges. Whether your managing stress on the job, relationships, childcare , grief or the impact of a disability, New York Life is a great resource for support and guidance. All services are confidential, and you are eligible for this as you sit here in front of me today. You have three face to face sessions with a behavioral councilor available to you and everyone in your home as well. There is also legal consults\ discounts and financial consults\discounts..

[Audio] Does everyone know what a 401 K is? A 401k is money deducted from your check, typically pre-tax that can be utilized for retirement after age 65. All full time employees are eligible the first of the month following 90 days. Please be sure to designate a beneficiary at empower.com if you start a 401k. Empower does not accept beneficiaries from ADP you have to do it directly through them. Sofidel matches 50 % of the first 15% and employee contributes to their account and it takes you 6 years to be vested. This means all the match dollars are your after 6 years. Point 4 : For example: If an employee elects 15%, Sofidel will match 7.5[ break]% If an employee elects 20%, Sofidel will match 7.5[break]% If an employee elects 2%, Sofidel will match 1[break]%.

[Audio] Voluntary benefits are a benefit that you pay for from your paycheck. Voluntary benefits are a benefit that you pay for from your paycheck. You DO NOT have to purchase any of the coverages offered Sofidel offers the following voluntary benefits to protect you Long Term-Disability Life Insurance Critical Illness Accident Hospital Confinement Indemnity Identity Theft Protection The cost for all the voluntary insurance can be found while enrolling with your ADP. This is where you take charge of your benefits. Ask yourself ……………What are my needs? What are my families needs?.

[Audio] What happens if you need to be out for more than 13 weeks due to illness? This is where long term disability comes in. Long term will pay you 60 % of your pay up to $ 6,000.00 a month. Benefits begins on the ninety-first day after the start of the illness & continues to end of disability or to age 65. Voluntary means there will be an additional payroll deduction , please speak with your family and see if this is the right option that fits your needs..

[Audio] Voluntary means you are electing this and there is an additional deduction from your pay. If the 2 times your salary is not enough, you can purchase more through New York Life. You can choose coverage for yourself, your spouse and or your children. If electing coverage for your dependents, you will have to elect coverage for yourself. Read points under employee Pont 4 - The coverage for an employee is a guaranteed issue which means no health questions below $250,000.00 . IF you want to elect above $250,000.00 you can but you will receive a health questionnaire which should be filled out and returned to New York Life. The coverage for an employee is a guarantee issue which means no health questions below $250,000.00 . IF you want to elect above $ 250,000.00 you can but you will receive a health questionnaire which should be filled out and returned to New York Life..

[Audio] Critical illness is an insurance policy that pays out the purchased amount $10,000 or $20,000 if he conditions on the right happen to you while you hold the policy. Our policy is held with VOYA, if you want to file a claim see your HR Manager or how to do so at any time. Money can be used for lost wages, bills, travel, childcare and other household expenses. You can purchase either $ 10,000 or $ 20,000 critical illness policy. Prices will depend on age and total coverage amount.

[Audio] Accident Insurance is a policy that is in place in the case that something unplanned happens. Going back to the beginning falling down the stairs, if you have this policy, you could get benefits. Say you fall and break your ankle like that previous scenario in the beginning of my presentation,, if you go to the ER and have the low plan you would receive $ 150.00 ( high plan is $ 225.00 ) then you get treated and have to follow up with a specialist. The specialist visit you would receive $ 50 on the low plan . ( $ 90 on the high ) This is meant to assist you with copays of your medical plan during your time of an accident. It covers accidents outside of work as well. The cost can be reviewed in ADP upon enrollment..

[Audio] Employee Only $ 3.67 per paycheck Family $ 6.44 per paycheck Identity & Credit Monitoring Threshold Monitoring Digital Wallet Storage & Protection Social Media Reputation Monitoring Digital Exposure Report Full-Service Remediation with Dedicated Privacy Advocate Monthly Credit Scores & Annual Credit Report.

[Audio] An insurance that pays a daily benefit if you have a covered stay in a hospital, critical care unit, or rehabilitation facility. Benefit amount is determined by the type of facility and the number of days you stay. Any combination of confinement benefits payable will not exceed a total of 30 days. You have the option to purchase a daily benefit amount of $ 100 or $ 200 Spouse under the age of 70. (Only if employee coverage is elected) Child(ren) up to age 26. (Only if employee coverage is elected) Rates are available in ADP This wraps up our benefit presentation I want to thank you for your time and invite you to stay if you have any further questions you would like to ask. Have a great day!.

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