October 2013 (Non-Union V1)
Your benefits. Simplified. Worry about benefits? Not me!
We get that you’re not a benefits expert and you don’t want to spend a ton of time on them. You just want your plans to protect your family and be affordable and easy to use. Annual enrollment is your once-a-year chance to choose the benefits you’ll need for next year. Take a few minutes now to get ready and this year’s enrollment will be a breeze. Happy with the plans you have now? Great! You can continue them in 2014. But your life is always changing and you want to be sure that your benefits are keeping up. So it’s worth checking the fit of your current coverage. And while most of Manitowoc’s benefits are staying the same, there are a few updates you need to know about. Annual enrollment takes place November 1 through November 15. Mark your calendar so you’re ready, and sign up for the plans that work best for you and your family.
Your benefits, your decisions.
What’s changing for 2014? It feels good when you have plans you can rely on. We’re happy to say that your Manitowoc benefits will be pretty much the same in 2014, with a few changes as described next. Some of these changes reflect the new health care reform laws. Others are needed to help us manage and align the rising cost of medical care benefits.
Medical Plan Changes
• New coverage tiers. You
will have five different coverage tiers, so you’ll be able to choose what best fits your family:
• Annual benefit maximum. There will not be a limit on the
− Employee only
dollar amount of medical benefits you can receive each year. For 2013, this limit is $2 million. • Annual deductible. The
− Employee plus one child
2014 annual deductibles will be:
− Employee plus spouse
− In-network care: $600
− Employee plus children
− Out-of-network care: $1,200
− Employee plus family (spouse plus at least one child)
• Cost sharing. After
your costs reach the deductible amount, the plan will pay this portion of eligible costs:
• Recognizing same-sex marriages. Manitowoc will recognize
same-sex marriages that are legally performed in those states that allow same-sex marriages. Benefits for a same-sex spouse are not subject to federal income taxes or state income taxes in those states where same-sex marriage is legal. However, benefits for a same-sex spouse will be subject to state income taxes in those states that do not recognize same-sex marriage.
− In-network care: 85% − Out-of-network care: 65% As part of health care reform, the annual deductible, coinsurance, and copays will be included in the annual out-of-pocket limit. (In past years, only coinsurance counted toward the out-of-pocket limit.) Once you reach this limit, the medical plan pays 100% of eligible medical costs for the rest of the year. For 2014, these limits will be:
• Out-of-pocket limits.
Disability Coverage Changes We are also improving our disability benefits for a large number of employees:
− In-network care: $3,000 per person and $12,700 for a family
• The maximum short-term disability benefit for non-exempt,
− Out-of-network care: $6,000 per person
non-union employees will increase from $450 to $500 per week. Manitowoc pays the full cost of this benefit.
By the way, the family in-network out-of-pocket limit is new for 2014. If your family’s total in-network out-of-pocket costs reach $12,700, the plan pays 100% of your family’s eligible costs for the rest of the year. In previous years, each family member had to satisfy the per-person out-of-pocket limit, with no limit on the number of family members. So for 2014, families can pool their in-network out-of-pocket expenses together.
Your benefits. Simplified.
• The maximum long-term disability benefit for non-exempt,
non-union employees will increase from $2,000 to $2,500 per month. Employees pay the full cost of this benefit. Because of the increase in the monthly benefits, employees earning more than $40,000 will pay more for coverage next year. Since the possibility of experiencing a disability increases with age, those over 40 could see an increase to their per-paycheck contributions starting in January.
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October 2013 (Non-Union V1)
Need to take action? Maybe. If you’re happy with your current benefits, you don’t need to do anything. What you have in 2013 will continue in 2014.* But if you need to make adjustments for 2014 (for example, a dependent is no longer eligible to be on your plan), be sure to enroll online via My.Manitowoc.com** before the November 15 deadline. Later in October, you’ll get a package of information that will tell you more, including step-by-step instructions for enrolling. * If your location offers flexible spending accounts (FSAs) and you wish to participate in 2014, you must enroll. FSA participation does not roll over from year to year. **If you don’t have access to My.Manitowoc.com, contact your local Human Resources representative.
Health care reform? Manitowoc has you covered. This fall, health insurance marketplaces (also called “exchanges”) are getting a lot of buzz. As you may know, a marketplace is a way for uninsured people to buy medical coverage. Americans who want to enroll in a marketplace plan but can’t afford it may receive financial help from the government. A big question for many Americans is whether or not to enroll in a health plan through one of the online marketplaces. If you’re enrolled in the Manitowoc medical plan, our plan is considered an affordable plan. For example, we pay most of the cost of coverage on behalf of our employees. With a marketplace plan, unless you qualify for financial help, you pay the full cost. To learn more, watch the video on My.Manitowoc.com or visit www.healthcare.gov.
Your benefits. Simplified.
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October 2013 (Non-Union V1)
Stress-free enrollment? No problem! Do these five things before November 15 and your annual enrollment should be a breeze:
1. Mark your calendar: Annual enrollment is November 1 through November 15. (We’ll remind you too!)
2. Review what’s changing for 2014. 3. Attend an employee benefits meeting. 4. Consider what insurance you’ll need in 2014 based on how you used your benefits in 2013. *If you don’t have access to My.Manitowoc.com, contact your local Human Resources representative.
Your benefits. Simplified.
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5. Get prepared: • Have your My.Manitowoc.com* user
ID and password ready so you can enroll online on the day that annual enrollment begins! • Forgot your user ID or password?
Contact your local Human Resources representative. • No access to a computer? Locate
a computer at a kiosk at work.* • Not sure how to enroll via
My.Manitowoc.com? Ask your Human Resources representative to walk you through enrollment.
October 2013 (Non-Union V1)
The Manitowoc Company, Inc. 2400 South 44th Street P.O. Box 66 Manitowoc, WI 54221-0066
Your benefits. Simplified.
October 2013 (Non-Union V1)