Annual Enrollment is your chance to enroll and change your benefits for the plan year 2021. In this article, we are going to share 88Sears Annual Enrollment Guide.
Benefits-eligible associates MUST actively enrol in benefits for 2021. Your current medical (including prescription drug), dental, vision, and spending accounts elections will not automatically roll over. If no action is taken, you will be defaulted to no coverage for medical, dental, and vision and will not have elections for your FSAs or HSA in 2021. Please be sure to make your elections by November 4, 2020. Be sure to print a copy of your final confirmation page for your records and verify that your coverage elections are correct.
ANNUAL ENROLLMENT IS OCTOBER 21 TO NOVEMBER 4, 2020.
Important Note: You will not have another opportunity to change your benefits coverage elections until the next Annual Enrollment period unless you have a qualified change in status.
WHAT’S CHANGING IN 2021?
Transformco will continue to offer associates the choice between a Basic and Enhanced medical option.
Increased HSA Maximum:
The maximum annual contribution is dependent upon whether you are on an individual or family plan. There is also a catch-up contribution limit of $1,000 for those who are age 55 or older.
Increased Healthcare FSA Maximum:
The maximum contribution increases to $2,750 with a $550 carryover. Keep in mind that any remaining funds over $550 at the end of the plan year will be forfeited.
|FSA||DCFSA||FSA CARRY OVER|
New Supplemental Medical Benefit:
We are excited to introduce a new voluntary benefit option:
Hospital Care insurance can provide you and your family with the coverage and additional financial protection you may need for expenses associated with a qualifying hospitalization.
What is Transformco?
At Transformco, we recognize that the Company’s success is a direct result of the talent, dedication and hard work of each and every individual associate. Our accomplishments are made possible by your contributions. For this reason, Transformco provides a benefits program focusing on quality and a satisfying healthcare experience, promoting both empowerment and health improvement for our associates and their families.