What’s New

What’s New?

The 2023 Annual Enrollment is scheduled for 10/31/22 – 11/13/22!!

Make sure to evaluate your 2023 choices and determine what benefits fit best for you and your family. Click here to view the What’s New mailer.

What’s New

This is the one time of year when you can make changes to your benefit plans without needing a qualified life event. Plus, there are some pretty important changes that you need to know:

  • Medical Plans
    • NEW The PPO plan will replace the HRA Plan.
      • Offers a lower deductible ($1,500 single / $3,000 family), copays ($25) for Primary Care Physician doctor visits and copays for prescriptions
      • Premiums are higher but this plan provides lower costs when you need care
  • Specialty Prescriptions
    • Copay for specialty prescriptions is increasing to $250
  • Wellness Program
    • In January 2024, employees enrolled in the PPO or Basic EPO Plans will receive their wellness rewards as premium credits each pay period
    • Employees enrolled in the HSA Plan will still receive their credits as an annual deposit into their HSA.
  • Health Reimbursement Account (HRA)
    • Employees will be able to use the money in their HRA to pay for eligible expenses through June 30, 2024. Any funds left in the account on July 1, 2024 will be forfeited.
  • Life Insurance
    • New York Life will be providing all company-paid life and AD&D insurance and all voluntary life insurance
    • All employees will have coverage in the amount of two times your annual base salary up to a maximum of $500,000. You may choose a lower amount of $50,000 to avoid imputed income taxes applied to coverage above $50,000. There is an age reduction with this plan; at age 65, the benefit reduces to 65% and at age 70, the benefit reduces to 50%.
    • Coverage limits for voluntary life options have been expanded so that:
      • Employees may purchase additional coverage up to three times your annual base pay up to a maximum of $500,000.
      • Employees may elect between $10,000 and $50,000 for their eligible spouse.
      • Employees may elect between $5,000 and $20,000 for their eligible children.
      • There is an age reduction with the employee and spouse plans. The benefit reduces to 65% at age 65 and to 50% at age 70.
  • Leave Administration and Disability Benefits
    • New York Life will be administering all Leave of Absence (FMLA, State FML and/or Medical Leave), Short-Term Disability claims and Long-Term Disability claims.
    • Briggs & Stratton will provide Short-Term Disability (STD) benefits that will be paid at 60% of base pay up to $500 per week.
    • Hourly employees will have the opportunity to purchase voluntary Long-Term Disability (LTD) benefits.
      • LTD benefits are eligible for payment after 180 days of approved disability. Coverage for pre-existing conditions will be limited for the first year.
      • LTD insurance will pay 60% of your monthly covered earnings up to $3,000 per month if you cannot work because of a disability, illness or injury. LTD is paid monthly.
    • STD and LTD benefits for salaried employees and Milwaukee hourly union employees will not change.
  • New Voluntary Benefits through Cigna
    • Accident Insurance – coverage pays a benefit directly to you if you are injured (on or off the job) and need treatment.
    • Hospital Indemnity – coverage will pay a flat dollar amount for each day you or a covered family member is hospitalized due to an accident, sickness or pregnancy.
    • Critical Illness – coverage provides financial support (lump-sum cash benefit) to help you upon diagnosis of a covered condition.

Reminders:

  • 2023 Employee HSA elections – Your 2022 HSA annual election will roll over to 2023. However, if you didn’t have a full year of contributions or you made changes during the year, the amount may not be correct. Make sure to double check the amount that defaulted.
  • 2023 Flexible Spending Accounts (FSA) – All FSAs must be elected annually. If you want to contribute to a 2023 Health Care FSA or Dependent Care FSA, you must make an active election.