BENEFITS GUIDE An overview of the wide array of benefits provided by STARKWEATHER & SHEPLEY INSURANCE BROKERAGE INC. to help you enjoy increased well-being and financial security PREPARED BY STARKWEATHER & SHEPLEY INSURANCE BROKERAGE, INC
2TABLE OF CONTENTS I ▪ Introduction 5 ▪ Overview of Benefits Programs 6 ▪ Medical Benefits 8 ▪ Health Savings Account (HSA) 11 ▪ Health Reimbursement Account (HRA)______________ 12 ▪ Dental Benefits 13 ▪ Vision Benefits 15 ▪ Life and LTD Insurance 17 ▪ Flexible Spending Account (FSA) 19 ▪ Retirement Benefits ______________________________ 20 ▪ Voluntary Benefits ___________________________________ 22 ▪ Online Enrollment Via Paylocity____________________ 24 ▪ Employee Contributions ______________________________ 25 Starkweather & Shepley BENEFITS GUIDE TABLE OF CONTENTS StarkweatherDisclaimer: & Shepley reserves the right to adjust, alter or change our benefit offerings at any time. This booklet is designed to provide you with a summary of your benefits. All services described within are subject to the definitions, limitations and exclusions set forth in each insurance carrier or provider’s contract. Effective January 1, 2022
WE’VE GOT YOU COVERED Starkweather & Shepley is proud to offer a comprehensive benefits package for you and your family. This program is designed to take great care of you when you need it. Make sure to explore your options to help you make the selections that best meet your needs.
INTRO & OVERVIEW
BENEFITS GUIDE INTRODUCTION
Starkweather & Shepley has worked hard to offer a competitive total rewards package that includes valuable and competitive benefits plans. These programs reflect our commitment to keeping our staff healthy and secure. We understand that your situation is unique, and Starkweather & Shepley is offering an overall benefits package with many possible choices one that can be shaped and molded by you, to fit your needs.
5INTRODUCTION I UPDATE ON HEALTHREFORMCARE
As an employee at Starkweather & Shepley Insurance Brokerage Inc., enjoying your work and making valuable contributions to business are equally vital. The health, satisfaction and security of you and your family are important to your well being and ultimately, achieving the goals of our organization.
Starkweather & Shepley
Our political landscape is ever changing. During the Obama Administration, the Affordable Care Act was passed. The Trump Administration attempted to make changes to the ACA. It is likely the Biden Administration will make adjustments as well. All of Starkweather’s benefit plans are compliant with all appropriate legal standards, including the Affordable Care Act. As healthcare evolves, Starkweather will continue to stay abreast of current trends and will make adjustments as necessary. Our goal will remain the same - To maintain world class benefits offerings for our associates.
This enrollment booklet is a summary description of Starkweather & Shepley’s benefit plans. If there is a discrepancy between these summaries and the written legal plan documents, the plan documents shall prevail. This booklet and plan summaries do not constitute a contract of employment. We hope this enrollment booklet, along with our additional communication and decision-making tools, will help you make the best health care choices for you and your family.
6OVERVIEW I CHANGES AND QUALIFYING EVENTS WHEN COVERAGE BEGINS AND ENDS Your coverage will begin the first of the following month from hire. Plans will end the last day of the month if you no longer meet the eligibility requirements, discontinue insurance or terminate employment. QUALIFYING EVENTS • Eligible employees may enroll or make changes to their benefits elections during the annual open enrollment period As with most benefits, once you elect an option you are bound to that choice for the entire plan year unless you experience a “Qualifying Event” These may include, but are not limited to: • Changes in employment status • Changes in legal marital status • Changes in number of dependents • Taking an unpaid leave of absence • Dependent satisfies or ceases to satisfy eligibility requirement • Family Medical Leave Act (FMLA) leave. • A COBRA qualifying event • Entitlement to Medicare or Medicaid • A change in the place of residence of the employee, resulting in the current carrier not being available Starkweather & Shepley BENEFITS GUIDE OVERVIEW OF BENEFITS Benefit Eligibility per Employees status Medical Dental Vision Voluntary 401k FSA Full Time (37.5 40hrs per Partweek)Time (20 hours or more per week)
Value of Pre-Tax Benefits Section 125 Plan Starkweather & Shepley operates a Premium Only Section 125 Plan, which allows you to reduce your total taxable income by your portion of group insurance premiums. In effect, this is just like getting a raise your withholding taxes are reduced, and your take home pay increases! Example: Employee earning $30,000 annually, paying $200/month for benefits Without Pre Tax Benefits With Pre Tax Benefits Gross Pay $30,000 $30,000 Insurance Deductions/Payments $0 $2,400 Taxable Income $30,000 $27,600 Taxes at 25% $7,500 $6,900 After-Tax Income $22,500 $20,700 After Tax Payment for Benefits $2,400 $0 Take home Pay $20,100 $20,700 INCREASE IN TAKE HOME PAY +$600 7
MEDICAL I MEDICAL / HSA / HRA
The Value of Preventive Care Wellness and Health Management Understanding the full value of covered benefits allows you to take responsibility for maintaining good health and incorporating healthy habits into your lifestyle Some examples include getting regular physical examinations, mammograms and immunizations Through the plans offered by Starkweather & Shepley , all covered individuals and family members are eligible to receive routine wellness services like these, at no cost. Which Preventive Care Services Are Covered? The US Preventive Services Task Force maintains a regular list of recommended services that all Affordable Care Act (i.e. Health Care Reform) compliant insurance plans should cover at 100% for in network providers Below is a list of common services that are included in the plans offered this year: college oF business Management FinanceBankingMarketingAccount college oF a rts & science Humanities Science HistorySocialBiologyScience ▪ Routine Physical Exam ▪ Well Baby and Child Care ▪ Well Woman Visits ▪ Immunizations ▪ Routine Bone Density Test ▪ Routine Breast Exam ▪ Routine Gynecological Exam ▪ Screening for Gestational Diabetes ▪ Obesity Screening and Counseling ▪ Routine Digital Rectal Exam ▪ Routine Colonoscopy ▪ Routine Colorectal Cancer Screening ▪ Routine Prostate Test ▪ Routine Lab Procedures ▪ Routine Mammograms ▪ Routine Pap Smear ▪ Smoking Cessation Programs ▪ Health Education/Counseling Services ▪ Health Counseling for STDs and HIV ▪ Testing for HPV and HIV ▪ Screening and Counseling for Domestic Violence Plan Types Annual Deductible The amount you have to pay each year before the plan starts paying a portion of medical expenses. All family members’ expenses that count toward a health plan deductible accumulate together in the aggregate; however, each person also has a limit on their own individual accumulated expenses (the amount varies by plan). Out of Pocket Maximum This is the total amount you can pay out of pocket each calendar year before the plan pays 100 percent of covered expenses for the rest of the calendar year. Most expenses that meet provider network requirements count toward the annual out of pocket maximum, including expenses paid to the annual deductible*, copays and coinsurance. *Except for Grandfathered medical plans Key Terms to Remember EPO/PPO A network of doctors, hospitals and other health care providers HMO A network that requires you to select a Primary Care Physician (PCP) who coordinates your health care POS Combines aspects of a PPO and HMO to manage cost HDHP A plan that has higher cost sharing (e.g. deductible), but typically also lower premiums.monthly 9
MEDICAL PLAN Starkweather & Sheply Blue Cross RI Health Plan Comparison BlueSolutions for H S A Plan 75 Effective 01/01/2022 12/31/2022 Calendar Year Deductible $6,350 / $12,700 Out of Pocket Maximum $6,350/$12,700 Primary Care Provider Necessary No In Network Services HOSPITAL SERVICES: Inpatient Semi private Room, Related Services & Supplies $0 After Deductible Outpatient Procedures & Surgery $0 After Deductible Emergency Room Services $0 After Deductible URGENT CARE CENTERS: Walk In Treatment Centers $0 After Deductible OFFICE VISITS: Well Visits $0 Co payment Primary Care Physician $0 After Deductible Specialty Physician $0 After Deductible Acupunture Visits 10 Visits Per Year Chiropractic / Spinal Manipulation $0 After Deductible Routine Eye Exam $0 After Deductible Physical / Speech / Occupational Therapy $0 After Deductible INDEPENDENT LAB, X RAY, CLINICS Lab and X Ray Services (Preventative) $0 Lab and X Ray Services (Diagnostic) $0 After Deductible Machine Tests (MRI,MRA'S,Pet Scans,CT Scans & Nuclear) $0 After Deductible PHARMACY SERVICES: Prescription Drugs (30 Day Supply) Tier 1 $0 After Deductible Prescription Drugs (30 Day Supply) Tier 2 $0 After Deductible Prescription Drugs (30 Day Supply) Tier 3 $0 After Deductible Prescription Drugs (30 Day Supply) Tier 4 $0 After Deductible Mail Order (90 Day Supply) $0 After Deductible OUT OF NETWORK SERVICES: Annual Deductible $12,700 / $25,400 Copayment After Deductible 40% Out of Pocket Limit $19,050 / $38,100 Coverage is effective the first of the month following hire date. Your responsibility toward deductible: $ 1,400 for Individual Coverage or $ 2,800 for Family Coverage.
HEALTH SAVINGS ACCOUNT (HSA) KEEPING YOUR COSTS LOW AND OFFERING BEST IN CLASS BENEFITS IS OUR GOAL. Qualified medical expenses include: Acupuncture Hearing Aids Smoking Cessation Programs Ambulance Hospital Services Surgeon Fees Birth Control Pills Insulin treatment Transplants Braces Laboratory Fees Transportation for healthcare Chiropractor Long Term Care Vision Expenses Contact Lenses Machine Tests X Ray fees Deductibles Medicare Part D Premiums Dental treatment Mental Health Non Qualified Expenses include: Diagnostic Tests Nursing Home Cosmetic Surgery Durable Medical Equipment Prescription Drugs Non prescription Meds Eye Glasses. Psychiatric Care Health Club Dues Your Blue Solutions plan gives you access to a health savings account (HSA) that gives you more control over the money you spend on doctors, prescriptions and tests. It is like a retirement bank account for medical expenses that you can use both now and in the Triplefuture.Tax Advantages: • The money you contribute is done so on a pre tax basis • The interest you earn in a HSA is tax free • The funds are not taxed when spent on qualified medical expenses No use it or lose it feature. This is your savings account,. The funds are yours and will roll over from one year to the next if not used. This is your opportunity to save for your medical expenses. It is a great time to be engaged in your health!
WE KEEP YOU CONNECTED. HEALTHARRANGEMENTREIMBURSEMENT(HRA) Tools to help you manage your medical benefits. Your Blue Touch Blue Solutions Spending Doctors Online Access to your health plan View HSA and HRA transactions Telemedicine Your health plan from Blue Cross Blue Shield of RI comes with a Health Reimbursement Arrangement (HRA). Starkweather has FULLY funded this account and it will work seamlessly in tandem with your health benefits. With a HRA through BCBSRI, you benefit from: • Easy management of your health plan and HRA Your health plan and HRA are connected, allowing you to conveniently manage all of your benefits. • Hassle-free payment process BCBSRI will automatically process your HRA payment without the need for a separate claim. • Consumer-friendly tools – BCBSRI’s HRA program empowers you with tools that will help maximize your HRA dollars, such as online claim submission, claim tracker, and a mobile app.
DENTAL
13DENTAL PLAN IStarkweather & Shepley BENEFITS GUIDE DENTAL PLAN Starkweather & Shepley’s Dental Plan Delta Dental of Rhode Island Effective 01/01/2022 - 12/31/2022 Delta Dental Premier National Coverage PREVENTIVE / DIAGNOSTIC: . Cleanings 100% (two per calendar year) . Oral Exams 100% (one per calendar year) . Fluoride Treatments 100% (under age 19; once per calendar year) X-RAYS: . Single 100% (as needed) . Bitewing 100% (one per calendar year) . Full Mouth 100% (once every 36 months) MINOR RESTORATIVE SERVICES: . Sealants 100% (under age 16) . Fillings: amalgam (silver); composite (white) on front teeth 100% . Simple Extractions 100% . Denture Repairs 100% . Emergency Treatment 100% . Biopsies 100% . Single (Anterior) Root Canals 100% . Oral Surgery (when not covered by medical) 100% . Anesthesia 100% . Space Maintainers 100% MAJOR RESTORATIVE: . Root Canals Molars and Bicuspids 100% . Crowns over natural teeth 80% . Periodontic Maintenance after active therapy 80% . Root planing / scaling 80% . Osseous (bone) surgery 80% . Gingivectomies 80% . Soft Tissue Grafts 80% . Crown Lengthening 80% . Prosthodontics bridges, partial and complete dentures 50% ORTHODONTIA: . Braces for dependents to age 19 N/a . Orthodontia lifetime maximum N/a *CALENDAR YEAR DEDUCTIBLE $0 CALENDAR YEAR MAXIMUM $1,500 DEPENDANT COVERAGE Age 26 Coverage is effective the first of the month following hire date.
VISION
16VISION PLAN IStarkweather & Shepley BENEFITS GUIDE VISION PLAN Starkweather & Shepley VSP Effective 01/01/2022 - 12/31/2022 Annual Eye Exam $10 Co payment Once every 12 months Lenses $25 Co payment Once every 12 months Frames $150 Allowance 20% savings on amount over $150 Once every 12 months Contact Lens Care $150 Allowance Laser Vision Correction 15% off retail price or 5% off promotional price Coverage is effective the first of the month following hire date.
LIFE and LTD
18LIFE INSURANCE IStarkweather & Shepley BENEFITS GUIDE LIFE and LTD Starkweather & Shepley Unum Effective 01/01/2022 - 12/31/2022 Company Funded Benefits: Group Life $50,000 Group LTD 60% of base salary Employee Funded Benefits: Additional Optional Coverages Available Voluntary Supplemental Life & AD&D Up to $ 500,000 Voluntary Supplemental Long Term Disability Up to 75% of total income Waiver of Premium Included Conversion Yes Guaranteed Issue Up to $ 200,000
Starkweather
19FSA I Refer to your FSA documentation for more information. Starkweather & Shepley offers its employees the option to enroll in a Flexible Spending Account (FSA). You may enroll in a Medical FSA** or Dependent Care FSA**. This is how an FSA works: • You set aside money for your FSA from your paycheck before taxes are taken out. • Then use your pre-tax FSA funds throughout the plan year to pay for eligible health care or dependent care expenses. • Any money not used by the end of the plan term is forfeited. Refer to your FSA documentation for more details. • Medical expenses: co pays, co insurance, and deductibles • Dental expenses: exams, cleanings, X rays, and braces • Vision expenses: exams, contact lenses and supplies, eyeglasses, and laser eye surgery • Professional services: physical therapy, chiropractor, and acupuncture • Prescription drugs and insulin • Care for your child who is under age 13 • Before and after school care • Baby sitting and nanny expenses • Day care, nursery school, and preschool • Summer day camp • Care for a relative who is physically or mentally incapable of self care and lives in your home HEALTHEXPENSESELIGIBLEFSA DEPENDENTCAREFSAELIGIBLEEXPENSES
& Shepley BENEFITS GUIDE FLEXIBLE SPENDING ACCOUNT (FSA) ** MEDICAL FSA PLAN is only open to those employees who do not participate in our Blue Solutions Medical Plan. Individuals who are considered highly compensated by the IRS are not permitted to participate in our DEPENDANT CARE FSA PLAN.
RETIREMENTBENEFITS
21401(k) I Your Contribution 1% 2% 3% 4% 5% 6% Company Match 1% 2% 3% 3% 3% 3% A 401(k) plan encourages you to accumulate savings for retirement through convenient pre-tax and Roth (after tax) payroll deductions and generous company contributions. As an employee, you are eligible to participate in the 401(k) plan the first of the month following your hire date. The 401(k) plan offers a wide array of investment funds from which to choose, including stock, bonds, and blended (target date) funds. You are allowed to allocate a portion of your pay (from 1% to 100%) into the plan, up to maximum amounts set by the IRS. Those who are 50 years of age or older are also eligible to make “catch up” Starkweathercontributions. & Shepley will match dollar for dollar up to 3% of your contributions to the plan. All of your contributions are immediately 100% vested. If you do not enroll when you are first eligible, you will be AUTO ENROLLED at a 3% contribution rate. You are vested in Starkweather & Shepley’s contributions according to the years of vesting services. This vesting schedule begins on the first date of your employment. Employer Match: Vesting Schedule: You must work 1000 hours in a year for vesting purposes End of Year 1 2 3 4 5 6 % Vested 0 20% 40% 60% 80% 100% Starkweather & Shepley BENEFITS GUIDE 401(k) & Profit Sharing Profit Sharing: Also requires 1000Hours of service annually Provides for a deferredcompensationpaymentinto your 401(k)account. Historically this has beenapproximately8%. This is a discretionary annualcontribution.
VOLUNTARYBENEFITS
Critical Illness Coverage
Voluntary Benefits
Accident Coverage Legal Services Coverage Pet Insurance Critical Illness coverage provides you with a benefit should you become diagnosed with a critical illness, including cancer. A lump sum benefit is payable upon initial diagnosis of a covered illness or condition. There are also additional occurrence benefits and reoccurrence benefits. Further, there is a Health Screening Benefit included with this coverage.
Employeescompromises.needhelp when they navigate important moments in their lives, like buying a home or creating a will. Employees gain access to professional legal services which can provide peace of mind knowing there are no out of pocket costs when using an in network attorney for a covered service. Covered services include will preparation, trusts, estate planning, real estate, civil lawsuits, family or personal law, drafting powers of attorney, and defense of traffic tickets.
Are you prepared? How would you cover major expenses if you’re unable to work? This coverage is protection for the unexpected. Accident coverage complements your medical coverage by providing you with a benefit payment for covered medical services. This payment can be used as you see fit, especially to help with the out of pocket expenses you may incur as a result of an accident.
Identity Theft Coverage Fluffy, Spike and Polly are just like any other member of the family. Provide them with the protection they need. Our Pet Insurance coverage will provide coverage for a cat, dog, avian or exotic pet. Coverage is for available for unexpected illness / injury, as well as for routine care.
Now is the time to protect all that you have built. As fraud and scams expand, so do the vulnerabilities that result from having your personal information exposed. We provide you with the ability to elect coverage for you or your dependents to help protect your identity and proactively monitor, alert and help you fix any identity theft
Starkweather provides a variety of Voluntary Benefitsto appealto a wide range of employeesand their individual situations. And the good news is… we are always looking to expand out list of VoluntaryBenefitsyear after year. You will have the opportunity to enroll in any of our Voluntary Benefits at the time of hire or at our OpenEnrollment, which is held in Novemberfor Jan 1.
Online Enrollment Via Paylocity Enrolling in Starkweather Benefits is easy! Go to your Self Service portal in Paylocity and log in and choose your benefits. Enrolling is easy!
ContributionsEmployee Medical Plan Starkweather pays for 85% of premium cost for both individual AND Family coverage. Per Pay Period Deduction:Individual $ 37.96 Family $ 87.81 To retain this rate, the employee will need to complete the Wellness Program requirements. Should the employee opt not to participate in the Wellness program, medical rate will move to Non-wellness tier January 1 following your one year anniversary, in which the company pays 60% of the premium cost. Dental Plan: Per Pay Period Deduction:Individual $ 16.82 Family $ 49.76 Vision Plan: Per Pay Period Deduction:Individual $ 6.09 EE+1 $ 8.82 Family $ 15.82 Your benefits are HIGHLY important and individual to You! Make sure you are making the right choices for you and your family.
BENEFITS GUIDE An overview of the wide array of benefits provided by STARKWEATHER & SHEPLEY INSURANCE BROKERAGE INC. to help you enjoy increased well-being and financial security PREPARED BY STARKWEATHER & SHEPLEY INSURANCE BROKERAGE, INC
