Get Ready to Enroll in Your 2021 Santander Benefits
2021 Annual Enrollment: Tuesday, October 27 – Thursday, November 12
Below you’ll find a summary of the changes you’ll see to 2021 Santander benefits, and the tools and resources available in SanBenefits to help you make the most of your benefits.
What’s Changing for 2021
Employee Contributions and Updated Salary Bands for Medical/Rx Contributions
Good news - employee contributions for dental will remain the same for 2021, and employee contributions for vision will decrease. For vision, you also will see enhanced out-of-network coverage.
For the Choice Plus PPO BSI plan, employee contributions will increase between $3.52 to $19.33 per month and for the HSA Choice Plus plan between $1.76 and $9.67 a month, depending on whether you have employee only or family coverage. BSI continues to pay approximately 95% of employees’ medical and prescription drug costs.
Life Insurance Enhancements
Core: Santander will continue to offer core life and accidental death & dismemberment (AD&D) insurance of two times your base salary at no cost to you. For 2021, we’re increasing the maximum amount of coverage you can have under each benefit from $700,000 to $1,000,000 to provide employees with additional financial protection.
Supplemental: If your current supplemental life insurance coverage is under the guaranteed issue amount during 2021 Annual Enrollment, you can increase your supplemental life insurance by up to $50,000 without having to complete Evidence of Insurability (EOI) (subject to the guaranteed issue amount). Whether or not you currently have supplemental life insurance, you can take advantage of this one-time special enrollment opportunity to increase your coverage. For supplemental coverage for your spouse or domestic partner, an additional coverage level of $150,000 will be available in 2021. Electing this coverage amount will require EOI.
Changes to the Choice Plus PPO BSI
For 2021, there are two changes to the Choice Plus PPO BSI plan. The first is the introduction of an annual deductible of $250 for in-network employee only coverage and $500 for in-network family coverage. The second is an increase to the copayment for emergency room visits from $100 to $150. There are no changes to the HSA Choice Plus plan for 2021.
Enhanced Leave of Absence Benefits
To provide you with additional financial protection when you’re unable to work as a result of illness, injury or pregnancy, we’ve enhanced the Santander Short-Term Disability Program. Instead of the current 13 weeks of coverage, the Program will now provide up to 26 weeks of coverage, with 8 weeks at 100% of base salary and 18 weeks at 66 2/3% of base salary.
We’re also introducing a new option to elect supplemental Long-Term Disability coverage with MetLife. For 2021, you can increase your core Long-Term Disability Program benefit by purchasing (on an after-tax basis) an additional 6 2/3% of coverage for a total of 66 2/3% of base salary.
For the SanUS Parental Leave Program, we are removing the one-year waiting period for new hires so that all new parents have the time they need to bond with their new child and balance the demands of work and home.
New Critical Illness Insurance Coverage Options through MetLife
Critical illness insurance can help ease the financial burdens of serious illnesses like heart attack, cancer, Alzheimer’s Disease and more. Though medical coverage can be a big help in covering the costs of medical treatments, it doesn’t cover other expenses you may continue to face - like housing costs, school tuition, and the cost of food.
For 2021, you can choose to enroll in MetLife’s critical illness insurance that provides a lump-sum cash benefit if you’re diagnosed with a serious health condition. You can use the money as you see fit. Two levels of coverage are available ($15,000 and $30,000). You pay the full cost on an after-tax basis through payroll deductions.
New Digital Estate Planning Option through MetLife Legal Plans
It’s not always easy finding the time to complete important estate planning so that your family and your assets are protected. To make it easier, especially during a time when a lot of us are spending more time at home, the MetLife Legal Program (formerly the MetLaw Hyatt Legal Program) now offers a digital estate planning solution that lets you complete your estate planning digitally, through a secure online process. It’s a new feature added for 2021 when you enroll in legal services.
Expanded Auto and Home Insurance Discounts
We’re expanding the options you have for auto and home insurance discounts to include more top-rated national insurance companies. Simply provide your insurance coverage needs and receive quotes from several companies at once for a premium discount of up to 15%. Quotes will be available any time, starting in January.
New Pet Insurance Benefits
Don’t forget about your furry friend! We’re excited to introduce MetLife pet insurance as a new benefit option for 2021.
You can enroll at any time directly with MetLife starting in January.
Benefits Tools and Resources
Choosing the best benefits for you and your family can be difficult. The following tools are available in SanBenefits to help you with this process.
- The MyChoice decision support tool to help take the guesswork out of understanding which Santander benefits may best match your needs.
- Sofia, the SanBenefits virtual assistant, who is available 24/7 to answer your general questions about Santander’s benefits.
- Information to set up the MyChoice Mobile App on your mobile device for easy access to SanBenefits for enrollment, reviewing benefits coverage and much more.
- Visit Benefit Scout from Securian, Santander’s life insurance carrier, to use a simple calculator tool that can help you decide how much life insurance you may need.
This site describes certain Santander benefit plans and policies. Your eligibility for and entitlement to a benefit mentioned herein are governed by the terms of the official plan document or policy. Santander reserves the right to amend or terminate its plans and policies in full or in part at any time for any reason. In the event of a conflict between this site and the official plan document or policy, the official plan document or policy will control. Your employment is at will.