Magna Benefits Info

Magna Benefits

5/23/22 Disclosure or duplication without consent is prohibited 1

401K

ü Eligible on your 1st day of employment to contribute.
ü If no election is made, at 60 days of employment you will automatically be enrolled at 6%.
ü If you elect less than 6%, each year on January 1st, your elections will increase by 1% until you reach 6%.

ü Pre-taxed Savings 401(k), After tax Roth Savings

● MBC (Magna Base Contribution) Principal Financial Information Sessions
www.principal.com
→ Magna contributes 3% to your account whether you contribute or not
→ Starts at 1st of month after six months of employment 800-547-7754

● Company Match
→ 50% up to 6% Employee contributes
→ Starts at 1st of month after six months of employment

ü Elegible en su 1er día de empleo para contribuir.
ü Si no se hace ninguna elección, a los 60 días de empleo se inscribirá automáticamente al 6%.
ü Si elige menos del 6%, cada año el 1 de enero, sus elecciones aumentarán un 1% hasta llegar al 6%.
ü Ahorros antes de impuestos 401(k), Ahorros Roth después de impuestos

● MBC (Magna Base Contribution) 2
→ Magna aporta el 3% a tu cuenta tanto si contribuyes como si no
→ Comienza el 1 de mes después de seis meses de empleo

● Contribution Igualemente de empresa
→ 50% hasta 6% El empleado contribuye
→ Comienza a 1 de cada mes después de seis meses de empleo

Disclosure or duplication without consent is prohibited

Medical (offered through BCBS of Michigan)

These figures are In Network costs, Weekly Payroll Deductions
Out of Network is more expensive
MEDICAL / GOLD SILVER BRONZE
GOLD SILVER BRONZE DENTAL / VISION
EE ONLY $55.00 $40.00 $35.00
Employee Only Deductible $150 $345 $575 $103.00 $80.00 $55.00
$300 $690 $1150 EE + 1 $145.00 $100.00 $75.00
Employee + 1 Deductible $452 $862 $1438
FAMILY Deductible FAMILY

All Tiers GOLD SILVER BRONZE Same Coverage, Every Plan

Co-Insurance 20% 25% 30% ER $150
Co-Pay $20 $20 $25
PCP $20/$25
Out of Pocket Max GOLD SILVER BRONZE Urgent Care $20/$25
Specialist $20/$25

Prescription

Employee Only $2515 $3395 $3625 Dental

Employee + 1 $5030 $6790 $7250 Vision
FAMILY $6288 $8488 $9063
Preventative Care 100%

Disclosure or duplication without consent is prohibited 3

Prescriptions (offered through Express Scripts/BCBS)

PRESCRIPTION DRUGS Retail Mail Order ü You must use generic drugs if they are
Generic (30 day supply) (90 day supply) available.

Preferred Brand Name 20% coinsurance 15% coinsurance ü To obtain maintenance drugs under this plan,
($4 minimum / $25 maximum) ($8 minimum / $50 maximum) you must obtain them via the mail order
Non-Preferred Brand service.
Name 25% coinsurance 20% coinsurance
($20 minimum / $60 maximum) ($40 minimum / $120 maximum) ü Debe usar medicamentos genéricos si
están disponibles.
50% coinsurance 50% coinsurance
($60 minimum / $150 ($120 minimum / $300 maximum) ü Para obtener medicamentos de
mantenimiento bajo este plan, debe
maximum) obtenerlos a través del servicio de pedido
por correo.
Members can receive their initial fill and two refills
(three total fills) for long-term (maintenance)
medications at a participating retail pharmacy.

(Los miembros pueden recibir su relleno inicial y dos
recargas (tres rellenos totales) para medicamentos a

largo plazo (mantenimiento) en una farmacia minorista
participante.)

After that, members will pay the entire cost of covered medications taken
on a long-term basis (three months or more) if purchase them at retail
pharmacy.
(Después de eso, los miembros pagarán todo el costo de los

medicamentos cubiertos tomados a largo plazo (tres meses o más) si los
compran en una farmacia minorista)

Disclosure or duplication without consent is prohibited 4

Dental (offered through Delta Dental of Michigan)

Delta Dental PPO (Point-of-Service)

In Network PPO In Network Out of Network COMMON PROCEDURE FREQUENCY LIMITATIONS
Dentist Premier Dentist What you pay
What you pay
What you pay Oral Exam twice per calendar year

Type I—Preventive Services: 100% covered 100% covered 100% covered Cleaning four per calendar year
Exams, Cleanings, Fluoride, and
Space Maintainers, Emergency Bitewing X-Rays twice per calendar year
Palliative, Sealants, X-Rays
Full mouth and Panoramic X-Rays Once every 36 months
Type II—Basic Services:
Fillings, Crown Repair, Root Canals, 20% 20% 20% Fluoride Treatments twice per calendar year, through age 26
Periodontics, Extractions, Oral 50% 50% 50%
Surgery, Relines and Repairs 50% 50% 50%

Type III—Major Services:
Crowns, Bridges, Implants, and
Dentures

Type IV—Orthodontics
To age 19

ANNUAL DEDUCTIBLE Calendar Year Deductible *You will receive a card
Waived for Preventive Services but you only need your
Employee Only $50 SSN for you and your
Family $150
dependents

MAXIMUM ANNUAL BENEFIT *Recibirá una tarjeta,
Type I—Type III Services $2,000 pero solo necesita su
Type IV Services (Lifetime) $2,000 SSN para usted y sus

dependientes 5

Disclosure or duplication without consent is prohibited

Vision Plan – Vision Service Plan (VSP)

Vision benefits are included with Medical Plan

Eye Examination - VSP Plan Non-Participating
1 every 12 months $20 copay Provider

Reimbursement up to $45

Frames - Covered100% Reimbursement up to $70
1 every 24 months for adults and up to $175
1 every 12 months up to age 26

Lenses - Covered in Full Reimbursement up to $65
1 every 24 months for adults and Covered in Full Reimbursement up to $50
1 every 12 months up to age 26

Single vision, Bi Focal, Tri Focal
Progressive

Contacts Instead of Glasses – Covered 100% Reimbursement up to $105
1 every 24 months adult and up to $150
1 every 12 months up to age 26

No ID card is required for services – it’s as easy as No se requiere tarjeta de identificación para los servicios: es tan
letting your provider know of your coverage through fácil como informar a su proveedor de su cobertura a través de
VSP, and they do the rest! VSP, ¡y ellos hacen el resto!

5/23/22 Disclosure or duplication without consent is prohibited 6

STD & LTD

Short Term Disability (Offered Through Hartford) – 100% Company Paid

Eligibility All full-time employees who have been employed with company for
30 days

Weekly Benefit Percentage 60% of salary

Benefit Waiting Period 7 calendar days (Day 1 hospitalization/injury)

Maximum Benefit Period 26 weeks

Long Term Disability (Offered Through Hartford) – 100% Company Paid

Eligibility All full-time employees who have been employed with company for
30 days

Monthly Benefit Percentage 60% to a maximum of $5,000 per month
Benefit Waiting Period 180 days

Maximum Benefit Duration Social Security Normal Retirement Age (SSNRA)

Ø OPTIONAL: Long Term Disability Buy Up (66 2/3% up to $10,000) – 100% Employee Paid

Disclosure or duplication without consent is prohibited 7

Life Insurance (Offered Free by the Company)

Life and Accidental Death & Dismemberment Seguro de Vida y Muerte
(AD&D) Insurance Accidental y

ü no cost to the employee. Desmembramiento (AD&D)

ü Monetary benefit to your beneficiary in the event of your ü sin costo para el empleado.
death while you are employed at Magna.
ü Beneficio monetario para su
ü AD&D insurance is equal to your life insurance benefit beneficiario en caso de su muerte

amount and is payable as a result of an accident and may mientras está empleado en Magna.

also pay benefits in certain injury instances. ü El seguro de AD&D es igual al monto y
es pagadero a su beneficiario en caso
ü It is important to keep your beneficiary information up to
date. de su muerte como resultado de un
accidente y también puede pagar
Life and AD&D Coverage
beneficios en ciertos casos de
Life Insurance Employee: Two times your annual earnings to a maximum of
$1,000,000 lesiones.
Spouse: $5,000 ü Es importante mantener actualizada la
Child(ren): $2,500 ($1,000 birth to 6 months)
información de su beneficiario.

Accidental Death Equal to your life insurance amount
and
Dismemberment Disclosure or duplication without consent is prohibited

8

Voluntary Life Insurance
(Seguro de Vida Voluntaria)

Employees have the opportunity to elect Voluntary Life Empleos tener la oportunidad de elegir un Seguro de Vida
Insurance. Voluntario.
ü Provides an additional life insurance benefit for you, your ü Proporciona un beneficio adicional de seguro de vida para

spouse and/or your dependent child(ren). usted, su cónyuge y/o su(s) hijo(s) dependiente(s).
ü Las contribuciones para estas primas son 100% pagadas por
ü Contributions for these premiums are 100% employee paid.
los empleados.

Employee Life Insurance Voluntary Life and AD&D Coverage ü If you waive voluntary life coverage when you
are initially eligible or want above guaranteed
Guarantee Issue Amounts 1, 2, 3, 4, or 5 times your annual earnings to a issue, you will be required to provide Evidence
Spouse Life Insurance maximum of $1,000,000 of Insurability (EOI) when enrolling at a later
Guarantee Issue Amounts (The combined basic and supplemental life amount date.
Dependent Child(ren) Life cannot exceed $1,000,000)
Insurance 1,2, or 3 times your annual earnings ü Si renuncia a la cobertura voluntaria de por vida
Guarantee Issue Amounts Increments of $1,000 to a maximum of $100,000 not cuando es inicialmente elegible o desea un
to exceed 50% of the employee election problema por encima de la garantía, se le
$50,000 pedirá que proporcione Evidencia de
Asegurabilidad (EOI, por sus que se le inscriba
$10,000 (1,000 birth to 6 months) en una fecha posterior.
$10,000

Disclosure or duplication without consent is prohibited 9

Flexible Spending Account

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