Magna US Benefits
Welcome to Magna Benefits: You're in the Driver's Seat
With Magna benefits, you can confidently plan for the road ahead. With our flexible benefits program, you have access to a competitive package designed to meet your health and financial needs. So, get in the driver’s seat and explore your options to customize your medical, dental and vision coverage to meet your and your family’s needs.
New for 2025: More Plan Flexibility and Choice
Magna continually assesses our full package of flexible benefits and providers to ensure we are meeting the needs of our employees' health and well-being. Through these efforts, we're excited to reveal that Magna is offering you additional coverage options for 2025 that give you the power to choose what's most important to you - coverage, cost-savings, or a mixture of the two.
- New for 2025, Magna is happy to announce the offering of a Paid Parental Leave program. Eligible employees will have the ability to take up to 5 continuous weeks of Paid Parental Leave. This policy will go into effect for the birth or adoption of an employee child starting on January 1, 2025.
- The Spousal Voluntary Life program is increasing the maximum to $250,000 of coverage. Effective January 1, 2025, you will now have the opportunity to elect up to $250,000 in spousal voluntary life coverage which is an increase from the current amount of $100,000.
Open Enrollment is Coming!
From November 11 - 22, 2024, you will have the opportunity to select your benefits that will take effect beginning January 1, 2025. This is your annual opportunity to review the variety of flexible benefit options available to you and make any changes you see fit for the upcoming year.
Take time to anticipate your health, financial and wellness needs in the upcoming year. A few reminders:
- If you do not complete the enrollment process, most of your benefits will automatically roll over and any changes to cost or coverage will apply.
- Health Care, Dependent Care, and Limited Purpose Flexible Spending Account’s (FSA’s) must be manually elected every year.
- Your elections will remain in place through the 2025 calendar year unless you experience a qualifying life event.
- Your local HR representative is available to assist throughout the entire Open Enrollment process, should you have any questions.
Eligibility & Enrollment
All regular full-time employees regularly scheduled to work at least 30 hours per week.
Eligible Dependents:
- Your legally married spouse* (including a same-sex spouse and a common law spouse**);
- Your children through the end of the month in which they turn age 26;
- Children under a Qualified Medical Child Support Order (QMCSO); and
- Your mentally or physically disabled adult dependent children who live with you and who are primarily dependent on your for support, if disabled before age 26
*Spouse is subject to an affordability test and/or will run secondary if alternative coverage is available. **Only applicable in States that legally recognize common law marriage
When to Enroll:
- New full-time employees*
- After experiencing a qualified life event*
- During annual Open enrollment
*You will have 31 days to enroll after experiencing these eligibility reasons
How to Enroll:
You can make your benefit elections through the self-service feature by logging into Workday. As a reminder, you can also access Workday via the mylife app. Please reach out to HR if you should need assistance logging in and/or making your benefit elections.
Making Changes:
New Hires: If you do not elect or waive coverage within 31 days of your benefit eligibility date, you will be defaulted to the lowest Medical/Rx coverage plan at Employee only level, and will be unable to modify elections until the next Open Enrollment period or if you experience a Qualifying Life Event.
Qualifying Life Events: i.e. new baby, marriage, loss of other coverage, divorce. This must be reported to your HR representative within 31 days of the event for you to update your current benefit elections. If you do not notify within 31 days of the event, you will need to wait until the next Open Enrollment period to make any changes.
Open Enrollment: Open Enrollment is an annual event that is held each fall during which you can review your current elections, enroll in new benefits and/or change your current benefit enrollments for the upcoming plan year, effective January 1. During this time your HR representative will provide any updates and information you may need to make an informed decision for the next plan year!
We are proud to offer competitive medical coverage through Blue Cross Blue Shield of Michigan. It is important to choose the right plan for you and your family, so take in consideration all aspects of the plan offered and cost to ensure you are making the best decision. For more information on your plan design, please see your local HR representative.
Visit the Virtual Center at www.bcbsmlearnmore.com/magna
Create an account: Once you are enrolled in you BCBSM coverage, you can create an account online or download the BCBSM app to ensure you are an informed consumer. You will be able to view your plan design, find care near you, track your cost claims and much more!
Life gets busy and you don’t always have time to wait for an appointment. With Virtual Care you have access to telemedicine and tele-behavioral health right at your fingertips. Get evaluated, diagnosed and treated from the comfort of your home, or whenever is convenient for you!
BCBSM members can score big savings on a variety of health-related products and services from businesses across the United States. Search Member Discounts with Blue365 on the BCBSM website or app!
Pharmacy Coverage for Prescription Drugs:
When you enroll in a medical plan, you will automatically be enrolled in prescription drug coverage through Express-Scripts. For more information on your plan design, please see your local HR representative.
You will have the choice to waive or elect dental coverage with either the base plan or enhanced plan for dental coverage for you and your eligible dependents through Delta Dental.*
| Base Plan | Enhanced Plan | |
|---|---|---|
| Deductible | $50 / person | $50 / person |
| Max Family Deductible | $150 / year | $150 / year |
| Annual Family Maximum | $1,000 / person | $2,000 / person |
| Oral Exams | 2 / year | 2 / year |
| Cleanings | 2 / year* | 4 / year |
| Diagnostic & Preventive Care Coverage | 100% | 100% |
| Basic Services | 20% | 20% |
| Major Services | 50% | 50% |
| Orthodontia | No coverage | 50% up to $2,000 lifetime maximum. No age limit. |
| Your Monthly Contribution | ||
| Tier | Base Plan | Enhanced Plan |
| Employee | $9.34* | $14.78* |
| Employee + 1 | $18.47* | $29.55* |
| Family | $27.70* | $44.32* |
You will have the choice to elect either the base plan, enhanced plan, or waive vision coverage for you and your eligible dependents through VSP.*
| Base Plan | Enhanced Plan | |
|---|---|---|
| Glasses or Contact Allowance | Every other calendar year | Every calendar year |
| WellVision Exam | $20 every calendar year | $10 every calendar year |
| Frame Allowance | Up to $150 | Up to $195 |
| Contact Allowance | $130 | $150 |
| Extra Savings | Glasses/Sunglasses, Laser Vision Correction | |
| Your Monthly Contribution | ||
| Tier | Base Plan | Enhanced Plan |
| Employee | $1.84* | $4.86* |
| Employee + 1 | $3.68* | $9.71* |
| Family | $5.92* | $15.62* |
Our Employee and Family Assistance Program (EFAP) is offered to you through Workplace Options (WPO). Whether you need advice, counseling or just a little extra help, Magna’s Employee Family Assistance Program (EFAP) is here for you 24/7/365.
Through the EFAP, you can reach out to safe, confidential resources to get help navigating complex life challenges like finances, relationships and health concerns.
You can also get information on specific health topics. For example, try a self-directed e-learning course, or get assistance locating child or elder care services or legal resources. Get help achieving your emotional, practical and physical wellbeing. Check out what’s on-demand on the EFAP.
For assistance, reach WPO by:
Phone: 833-354-2425 or 984-920-6875
Website: https://global.helpwhereyouare.com with Company Code: Magna
Email: support@resourcesforyourlife.com
IConnectYou App: Company passcode 245243
Flexible spending accounts through BASIC allows you to set aside pre-tax dollars in a separate account for future healthcare and/or childcare costs.
Magna offers the chance to help you save for your retirement through our 401(k) plan. If you are an eligible employee you are automatically enrolled at 6% of your pay, on a pre-tax basis, after 30 days of service, unless you choose a different percentage. Magna provides a base contribution of 3% after 6 months of service AND Magna will match your contribution at 50% of the first 6% after 6 months of service so that you can afford to live the life you want in retirement.
You may choose to contribute 1% to 50% each pay period. You may choose to defer a different percentage (including zero), and you can choose to contribute on a pre-tax basis, an after-tax Roth basis or a voluntary after-tax basis by completing an elective deferral agreement online at www.principal.com.
To create an account online:
- Visit www.principal.com
- Click "Invest & Retire"
- Click "Enroll in your 401(k) Plan"
- Click "Get Started"
- Follow the prompts to complete the registration process
Magna provides two (2) times your base annual salary in life insurance and accidental death and dismemberment insurance, along with $5,000 for your spouse and $2,500 for your dependents up to the age of 26 at no cost to you. You can also elect supplemental voluntary life insurance for yourself, your spouse and your dependents.
Magna provides Short-Term Disability to all full-time employees at no cost to you. For more information on your plan design, please see your local HR representative.
Magna offers Long-Term Disability plans and Buy-up Long-Term Disability plans. For more information on your plan design, please see your local HR representative.
The Spousal Voluntary Life program is increasing the maximum to $250,000 of coverage. Effective January 1, 2025, you will now have the opportunity to elect up to $250,000 in spousal voluntary life coverage which is an increase from the current amount of $100,000.
Disability:
Additional Services:
As a Magna employee, you are eligible for savings through our discounted programs. Be sure to take advantage of these great discounts based off your needs!
TruHearing through VSP:
Magna Perks at Work:
Blue365:
Nationwide Pet Insurance:
Magna has partnered with Omada to help members lose weight and create healthier habits through one-on-one personal coaching and the tools needed to make long-lasting health changes – for FREE!
Visit omadahealth.com/magna to see if you qualify.
Good For You - Magna Employee Wellness Site
The “Good for You” Magna Wellness program offers fun, interactive, educational health and wellness resources and initiatives to help you achieve optimal health. Get the knowledge and tools to achieve your health goals.