Download Open Enrollment Employee Presentation 2017

BorgWarner
2017 Benefits Enrollment
November 2016
BorgWarner Benefits Overview
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It’s Here! 2017 Open Enrollment
Nov. 14 – Dec. 2
Elections/changes are effective Jan. 1, 2017 - Dec. 31, 2017
Nov.
14 -a Dec.
2 life event
unless
you have
qualifying
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Do You Know the Value of Your Benefits?
BorgWarner employees pay a significantly lower share of total
healthcare claims costs compared to the amount paid by
employees of our industry peers.
2017 Estimates
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Health and Wellness Benefits Overview
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Complying with New Regulations
 Reducing the taxable cash reward for chronic disease
management program from $200 to $100
 Complies with new maximum incentive rules
 Wellness Incentive Opportunity no longer requires HRQ
completion to earn cash
 This means you can begin to earn the individual cash rewards for various
healthy activities immediately, without first completing the HRQ
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Medical Plan Enhancements
Addition of an Employee +1 coverage tier
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Medical Plan Enhancements
Patient Care Rewards Program
 Rewards you for choosing lower-cost, high-quality providers for
elective procedures (i.e., imaging and outpatient surgeries)
 Call Patient Care and they will provide you with names, cost and
quality information of up to three qualifying providers within 7 days
 As long as you don’t select the highest cost option provided, you
earn a taxable cash reward in your paycheck — 20% of the
calculated savings, up to a maximum of $1,000 per
procedure/service
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Medical Plan Enhancements
Patient Care Rewards Program
 Here’s an example of how it works:
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Medical Plan Enhancements
Telehealth Program
 Alternative to emergency room or urgent care visits
 Services are offered at a reduced office visit cost as part
of your medical plan — giving you on-demand access to
cost-effective, quality care (including prescriptions)
 National network of licensed, board-certified
U.S.-based doctors, including pediatricians
 Talk with a doctor anytime day or night via phone
or video conferencing to discuss any minor,
non-life-threatening medical condition
 You will receive more information on how this works in
January.
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Medical Plan Enhancements
Cigna 90 Now Program
 Offers more choice and greater savings opportunities
 Now able to fill your 90-day supply/maintenance medications at Cigna
90-day retail pharmacies in addition to the current mail-order option.
 Both options offer discounted 90-day fills
 Access Cigna’s network of 29,000 “long-term fill” pharmacies, including
CVS, Target, Walmart, Kroger and more
 Find other participating 90-day retail
pharmacies by visiting:
Cigna.com/Rx90network
 There will be no disruption in your benefit
coverage and no changes to your copays
or the formulary
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2017 Medical Contribution Costs
No changes to
dental and vision
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Reminder: Working Spouse Rule
Working spouse is required to enroll in the medical coverage
offered through their employer to be added to a BW plan
 Here’s How It Works
 If your spouse is eligible for, but does not to enroll in, their own
employer’s group plan, they WILL NOT be eligible for BW
coverage
 If your spouse is enrolled in their employer’s plan, you may add
them as a dependent to BW plan, but the BW plan will pay
secondary coverage ONLY
 If you enroll in both plans, benefits under each plan are
coordinated. The total reimbursement from both plans cannot be
more than the allowable benefit under the BW plan
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Health Assessment (HRQ) Completion Rules
If you (and/or your spouse) are not enrolled in one of our health plans currently
in 2016, but you (and/or your spouse) will be enrolling effective Jan. 1, 2017:
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Financial Wellness Benefit Overview
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Enhancing Financial Protection
Life Insurance
 Increased Basic Life Benefit
 BW is doubling the Basic Life benefit to provide added financial protection
to our employees and their families in the event of unforeseen
circumstances
 It will increase from 1 times base annual salary (up to a maximum benefit
of $500,000) to 2 times base annual salary (with a minimum of $50,000
up to a maximum of $1 million)
TIP: You may want to evaluate your level of Optional Life coverage
with this improvement. Go to www.metlife.com/mybenefits to review
your coverage and/or enroll in Optional Life.
 Expanded Coverage Options for Spouse Life Insurance
 You will now have the additional options of $75,000 or $100,000 coverage
levels
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Enhancing Financial Protection
Long Term Disability
 BorgWarner-provided LTD reduces from 60% to 50% of base salary.
 Some employees are still at risk for not having enough coverage in the event of a
long-term disability
How Do You Maximize Your Income in the Event Of a Disability?
- By purchasing the Optional LTD70 Plan for a greater benefit
 Optional LTD70 offers a higher level of disability take-home pay because it is
calculated on base pay AND bonus
 When combined with the core LTD coverage paid for by the Company, employees
can gain peace of mind that they and their families are protected
TIP: Concerned about the additional cost?
Consider lowering your optional life insurance level and use the premium savings towards the
Optional LTD70.
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Consider Your Options: Upgrade Your LTD
Base Salary:
$45,000
Bonus:
$4,500
Disability is more prevalent than you think!
- Over 1 in 4 of today's 20 year-olds will become disabled before they retire.
- Most disabilities are caused by illnesses rather than accidents – close to 90%!
- 68% of American adults have NO savings set aside for emergencies.
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Enhancing Financial Protection
Voluntary Critical Illness Benefit
 If you want additional financial protection and peace of mind related
to unforeseen medical events
 Provides a lump-sum payment in the event of a diagnosis of a
serious illness, such as heart attack, stroke, cancer, organ transplant
or kidney failure
 Coverage options include: $10,000, $20,000 or $30,000
 Rates are age-banded with tobacco users paying more for coverage.
Rates can be found in your Open Enrollment packets
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Enhancing Financial Protection
Voluntary Critical Illness Benefit
 How you can use your benefit:
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Enhancing Financial Protection
New Voluntary AD&D Benefit
 If you would like additional financial protection beyond the BWprovided Basic Life and AD&D you can purchase Voluntary AD&D for
you, your spouse and/or your children
If you want coverage for:
Coverage
Yourself:
1 to 8 times your base annual earnings, up to a
maximum of $1 Million.
Your spouse and children
Spouse:
Child(ren):
50% of your coverage amount
20% of your coverage amount
Your spouse only
60% of your coverage amount
Your children only
25% of your coverage amount
Some additional benefits that may be included in your VAD&D Insurance coverage include:
Air bag benefit, child care center benefit and seat belt benefit
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Enhancing Financial Protection
New Voluntary AD&D Benefit
 You pay the full cost, but have access to more favorable group rates
than if you purchased outside of BW
Voluntary AD&D Coverage
Monthly Cost per $1,000
of Coverage
Employee Only
$0.022
Employee & Family
$0.030
 You can elect coverage at any time but will need to enroll directly
through MetLife at www.metlife.com/mybenefits
 Coverage begins the first of the month following enrollment
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Reminder: Dependent Care FSA
 If you participate in the Dependent Care Flexible Spending Account
and your base pay and bonus equal more than $120,000/year, your
contribution is limited to $3,500 per year (per IRS rules)
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Enrolling Online
Everyone MUST Go ONLINE and Do One of the
Following:
 Elect to keep coverage the same as 2017
 Change coverage
 Elect to “Waive Coverage”
OR …
Contact HR Link for
questions about
dependent eligibility
1-844-292-5465
[email protected]
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Supporting Your Enrollment
www.borgwarner.com/benefits
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[email protected]
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Any Questions?
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Thank you!
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Premium Points for 2017/2018
Earn at least 5 Points by
10/31/17 for the lowest
cost premium for 2018!
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Health Care FSA Timeline for 2017
Note: all expenses must be incurred by December 31, 2017
2017 claims must be submitted to Cigna by March 31, 2017
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Enhancing Financial Protection
Long Term Disability
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Enhancing Financial Protection
Critical Illness Benefit
Note: If you use tobacco, rates will be higher.
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Thank you!
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