Open Enrollment for 2020 benefits is November 1-November 29, 2019.
If you’re a new hire, you must enroll within 60 days of your date of hire or eligibility date.
If you don’t enroll by November 29:
- You will not have any benefits for 2020, except for company-paid Life and AD&D Insurance and Disability. Your 2019 elections will not carry over for 2020.
- You won’t be able to participate in a Reimbursement Account (FSA). Your 2019 Reimbursement Account elections will not carry over for 2020.
- Your 2019 annual Health Savings Account (HSA) election (how much you elect to contribute) will not carry over for 2020. You must re-elect your annual contribution during Open Enrollment. (You can change your HSA election at any time during the year.)
- You won’t be able to purchase Voluntary Insurance until the next Open Enrollment.
If you’re a new hire and you don’t enroll within 60 days of your date of hire, you will not have any coverage. You won’t be able to enroll until the next Open Enrollment unless you have a qualifying status change.
You will not be able to make any changes until the next Open Enrollment unless you have a qualifying status change. Qualifying status changes include marriage, divorce, birth and adoption, and death of a dependent. You have 31 days from your qualifying status change to make changes in Workday. You will need to submit documentation to support the change (such as a marriage or birth certificate). Learn more here.
Medical and Prescription Drugs
The Preferred Provider Organization (PPO) plans and the Consumer-Driven Health Plan (CDHP) cover the same services and pay 100% for in-network care. But how you pay for care is different.
With the PPO plans, you pay copays for some services, such as doctor’s office visits. For other services, such as hospital visits, you meet the deductible and then you and the plan share costs. The PPO plans have lower deductibles than the CDHP, so your paycheck contributions are higher.
With the CDHP, there are no copays. You pay the full cost of care (except for in-network preventive care) until you meet the deductible. Then you and the plan share costs. You can use your company-funded Health Savings Account to help you pay for care. This plan has the lowest paycheck contributions of all three plans but you have to meet higher deductibles.
You might consider a PPO if you’re willing to have higher paycheck contributions in exchange for more predictable costs. You might consider the CDHP if you want lower paycheck contributions and the tax advantages on an HSA.
To learn more about the plans, check out the medical plan comparison video.
Just like with the PPO plans, in-network preventive care is covered at 100% in the CDHP. You won’t pay anything for covered preventive care services, such as immunizations, blood pressure and cholesterol tests and cancer screenings. For other services, such as doctor visits and prescriptions, you can use the HSA money from TEAM before you have to dip into your own pocket.
- Ask about generics. When your doctor prescribes a medication, find out if there’s a generic available. Generic drugs use the same active ingredients as brand-name equivalents but cost about 30–60% less. If there’s no generic available, check to see if the medication is on the preferred drug list.
- Shop around. Pharmacies charge different amounts for drugs, and the costs can vary widely. Use goodrx.com to get cost estimates before you fill your prescription.
A preferred drug list (also called a formulary) is a list of prescription drugs that the medical plan has identified as offering the best value. Drugs are selected based on their efficacy, safety and cost-effectiveness. You’ll pay less for drugs are on this list.
Maintenance drugs are drugs you take for long-term or chronic conditions, such as blood pressure medication. All TEAM medical plans offer savings when you get 90-day supplies of these medications.
You have two ways to get your prescriptions:
- Take advantage of home delivery from the Express Scripts Pharmacy. Your medications will be delivered directly to you with free standard shipping. To get started, visit express-scripts.com/teaminc or call 855-778-1495.
- Pick up your prescriptions at a nearby preferred pharmacy. Find one near you by visiting express-scripts.com/teaminc.
You’ll be allowed two 30-day fills of a maintenance medication from a retail pharmacy. After that, if you get a 30-day fill or use a non-preferred pharmacy, you’ll have to pay the full retail cost.
Health Savings Account (HSA)
Yes! Unlike an FSA, there’s no use-it-or-lose-it rule.
The company will add money to your account: $1,000 for employee-only or employee and spouse coverage or $2,000 for employee and children or family coverage.
You will receive half of the company contribution with your first paycheck in January and the other half with your first paycheck in July. You must be employed on both of these dates to receive the full company HSA contribution.
Reimbursement Accounts (FSAs)
No. You lose any Reimbursement Account money you don’t use by December 31, 2020. You have until March 31, 2021, to request reimbursement and file claims for 2020 expenses. Any remaining amount will be forfeited. For the Health Care Reimbursement Account only, you can roll over $500 of unused funds to the next year.
You can contribute up to 75% of your eligible compensation, up to IRS limits. If you’ll be age 50 or older in 2020, you can make an additional catch-up contribution of up to $6,000.
TEAM will contribute $.50 for every $1 you save, up to 6% of your pay. Both your pre-tax and Roth after-tax contributions will be matched. Save at least 6% to take advantage of the matching contribution!
Vesting means gaining ownership. You are always 100% vested in your contributions, rollover money and any investment earnings in those accounts. You gain ownership of TEAM’s contributions during the time you work for the Company. (See the chart below.)
You will automatically become 100% vested when you reach retirement age as defined by the Plan, in the event of your death or if you become permanently disabled while still employed at Company.
|Years of Service||Vested %|
|Less than 1||0%|
Pre-tax 401(k) contributions are deducted from your paycheck before federal income taxes are withheld. You pay taxes on these contributions and earnings when you withdraw the money from the plan.
Roth after-tax 401(k) contributions are deducted from your paycheck after federal income taxes are withheld. You will not pay taxes again on these contributions or on the earnings if you receive the money as a qualified distribution.
Learn more here.