2013 Benefits Newsletter - Spartech Corporation

More documents

Recommendations

Info

2013 Open Enrollment Newsletter Dear Team Member, At Spartech we are committed to “providing a great place for our team members to contribute, learn, grow, and be challenged, respected, appreciated and fulfilled”. We believe that an important aspect of a great place to work is providing a competitive benefits package for you and your family. We’ve all heard that healthcare costs keep rising. Healthcare costs in our country are rapidly approaching $2.4 trillion annually. That is nearly $8,000 per year for every man, woman and child in America. All companies, including ours, need to control healthcare costs to stay competitive. More importantly, we need to make sure our health benefits do what they are intended to do: help you and your family achieve and maintain your health potential. If we can provide a benefits program that helps you maintain or improve your health, we are all, our employees and Spartech, more likely to save money. Beginning in 2013, we are pleased to offer a new type of health plan known as a consumer driven health plan which allows you to be a part of the health care solution. It includes your own Health Savings Account (HSA), to which Spartech will contribute to help pay for eligible expenses. This health plan supports our strategy of consumerism and wellness & prevention. The HSA Plan is a consumer driven approach to healthcare in which you have greater control over how your healthcare dollars are spent. It: Increases awareness to the cost and quality of health services Increases awareness of preventive care and routine healthcare services Encourages a more active role in managing individual healthcare spending We examined why our costs continue to rise and what we can control. We realized we needed to do a better job at containing costs by reducing our overall use of healthcare. The most effective way to do this is through wellness & prevention. The new HSA Plan helps by providing cash incentives to promote staying healthy and engaging in identifying risks to our future health through: Getting an Annual Physical (at no charge) Completing “MyHealth Assessment” Completing the Tobacco-Free program Participating in a health coaching program Please review your coverage options carefully. Enrolling is only one step you need to take control of your healthcare costs. Use your benefits wisely all year long, be a good consumer of healthcare services and focus on staying healthy. Take advantage of resources and programs available to assist you. Thank you for your service and commitment to Spartech. Bob Lorah SVP, Human Resources 2
Spartech Contents Eligibility .......................... 4 Dependent Verification ................ 5 Medical and Prescription Drug. .......... 6 How the Plans Work. ................. 8 Dental. ........................... 9 Vision ............................ 9 Flexible Spending Accounts (FSA). ....... 10 Life Insurance ..................... 10 Disability Insurance. ................. 12 401(k) Savings and Investment Plan. ..... 13 Special Notice. . . . . . . . . . . . . . . . . . . . . . 14 Important Benefits Contact Information ... 20 Open enrollment is the window of time that provides employees the opportunity to add or change benefit coverage. November 12, 2012 through November 26, 2012 at midnight has been set for open enrollment. Any elections or changes received after the deadline will not be accepted. All employees must complete new election forms. If you do not complete new election forms, you will not have benefits for 2013. Changes that are made during open enrollment will become effective January 1, 2013. For those participating in the Flexible Spending Accounts, new elections are required annually; even if you are electing the same amount you must complete an enrollment form. Anyone who elects to opt out of the medical coverage will still receive the Company provided life insurance and short term disability. You may still participate in the voluntary life insurance program, dental, vision and flex spending accounts if you opt out of the healthcare programs. If you choose to waive health insurance through Spartech, you will be eligible for a monthly reimbursement of $100. In order to receive this reimbursement, employees must provide proof of coverage by another qualifying plan to include effective dates and names of covered members. This option is only available to regular full-time employees. 3
Page 1: SPARTECH 2013 Employee Benefits Ope
Page 5 and 6: Spartech Dependent Verification As
Page 7 and 8: Spartech Calendar Year Deductible S
Page 9 and 10: Spartech Flexible Spending Accounts
Page 11 and 12: Spartech Payroll deductions for cov
Page 13 and 14: Spartech 401(k) Savings and Investm
Page 15 and 16: Spartech Medicaid and the Children
Page 17 and 18: Spartech Coordinating Other Coverag
Page 19 and 20: Spartech Question and Answers Healt
Page 21 and 22: Spartech Setting Up Your HSA Q What
Page 23 and 24: Spartech Q How A You can I keep tra

2013 Benefits Newsletter - Spartech Corporation

Create successful ePaper yourself

Delete template?

Save as template?