Test Your SBD Benefits Knowledge

These are all good ways to save on health care.

Knowing how your coverage works can help you avoid high out-of-pocket costs. Using in-network doctors and providers can help you save when you need care. Choose doctors and facilities that are in-network for your medical option. See pages 6, 20 and 22 of your Benefits Guide for details about the networks affiliated with your benefit options.

When you’re deciding which option to choose, use ALEX to help you make the best decision for you. ALEX is a confidential, mobile-friendly, easy-to-use tool that helps you consider which options will be the best fit for you and your family based on your anticipated health care needs. Check it out at start.myalex.com/sbd. Be sure to enter your home ZIP code for a personalized experience.

No matter which option you choose, you’ll have at least one tax-free health care spending account that you can contribute to. They’re a great way to save on taxes for expenses you expect to have throughout the year.

Knowing how the LocalPlus OAP in-network coverage works can help you avoid high out-of-pocket costs. The LocalPlus network is made up of quality health care providers and facilities that have agreed to provide discounts to Cigna Healthcare^SM customers enrolled in LocalPlus. The LocalPlus® OAP medical option offers in-network coverage only. This means that when you need care, you must only choose doctors and facilities that are in the LocalPlus network. If you visit an out-of-network provider, you will not be covered and will be responsible for paying for the full cost of care.

If your providers are in the LocalPlus network and you’re OK with not having out-of-network coverage, this may be a great choice for you. If you want to choose this option, make sure to confirm that providers and facilities you use are in the LocalPlus network—or you must be willing to switch providers.

Annual Enrollment is your once-a-year time to elect benefits coverage. Be sure to select “Save Elections” on the Enrollment Site once you’ve reviewed your benefits and made any changes to your coverage. You will receive a confirmation statement of your benefit elections by mail or email in early December—be sure to review this statement carefully.

You cannot make any changes to most of your benefit elections outside of Annual Enrollment unless you experience a qualified life event during the year such as marriage, divorce or birth of a child. You have 31 days after the qualified life event to make changes to your coverage.

Employees hired after November 1, 2023 should contact the SBD Benefits Center to confirm their enrollment dates for both the 2023 plan year and separately for the 2024 plan year. New hires will need to first complete their 2023 benefit elections and will then have the opportunity to complete their 2024 annual enrollment elections.

You can contribute pre-tax to a Dependent Day Care FSA to help you pay for dependent day care throughout the year so you and your spouse/domestic partner can work, look for work or attend school full time. Eligible dependents include children under age 13 or dependents of any age who are physically or mentally incapable of caring for themselves. Find out more on sbdbenefitscenter.com/welcome.

How many employees does this typically affect? I would consider putting in what last year’s threshold for a high-income earner was so employees basically know what to expect

A deductible is the amount you pay for health care before your medical option starts sharing costs with you. The Basic HSA has the highest deductible of the medical options in exchange for lower contributions from your paycheck.

Medical coverage needs can change from year to year, so it’s important to consider the care you and your family may need in the year ahead. The options vary in how and when you pay for care, which you’ll want to think about as you consider your options. You can use ALEX to help you choose the right plan for you. Be sure to enter your home ZIP code for a personalized listing of benefit options available to you.

Per IRS guidelines, you can only open an HSA if you are enrolled in a high-deductible health plan, like our Basic HSA or Plus HSA. The HSA is a tax-advantaged account that you can use to save for health care expenses now and in the future.

When you elect an HSA medical option, you must complete an attestation to confirm eligibility for an HSA bank account per IRS regulations. An HSA account will be automatically set up with HSA Bank and a debit card will be mailed to you. If you receive a letter from HSA Bank after you enroll asking you to verify your address or personal data, you must respond within 90 days. If you do not respond, you will not have access to the funds in your account and you will forfeit the Stanley Black & Decker contribution for the plan year. You must complete the CIP verification process with HSA Bank prior to accessing funds in your HSA Bank account.

Life is full of little—and big—surprises. Sometimes that is good. And sometimes it is not so good. Either way, Stanley Black & Decker has benefits that can help. Find out more on sbdbenefitscenter.com/welcome and on pages 13, 19 and 27 of the Benefits Guide.

Vision coverage will be newly administered by Cigna for the 2024 plan year.  This new partnership comes with minimal cost increases; an expansion of in-network providers including, Costco, Sam’s Club and Wal-Mart; and, most notably, lower out-of-pocket costs for lenses, contacts and exams. Enrolling in vision coverage helps you save money on eligible vision care expenses, such as eye exams, glasses, contact lenses and more.

Making sure your beneficiaries for Life and Accidental Death & Dismemberment (AD&D) Insurance are up to date protects your loved ones in case something happens to you. For Life Insurance, to name your beneficiary, head to the SBD Benefits Center Enrollment Site and select home page > Main Menu > Your Profile > Your Beneficiaries, or call 1-800-795-3899.

If you have questions, we’ve got answers. There are several places you can go for more information, including the Benefits Center Welcome Site, program vendors, and ALEX.

When you’re ready to enroll, you have options:

• Visit the SBD Benefits Center Welcome Site at sbdbenefitscenter.com/welcome and click “Enroll Here.” Once on the Enrollment Site, if you have any questions, you can use the Secure Inbox Messaging feature at any time. Responses are provided within two business days.
• Log in to MySBD (mysbd.stanleyblackanddecker.com) for single-sign-on functionality to the SBD Benefits Center Enrollment Site. Once on the site simply click on the yellow “MySBD Log In” button and the system will automatically log you in if you are on the SBD network, or will prompt you for your SBD Access Account (network account) username (example, JMS0101) and password if you are at home on a personal device, or not on the SBD network. Select My Benefits from the quick actions bar on the homepage for single sign on to the Enrollment Site.
• Call the SBD Benefits Center at 1-800-795-3899, 8am-8pm ET, Monday–Friday. The SBD Benefits Center has a “virtual hold” feature so you can elect to receive an automatic call back rather than wait on the line.

The out-of-pocket maximum for each medical option is the most you will pay for eligible medical services in the year. Each option has a different out-of-pocket maximum, which gives you protection if you have a lot of medical care in a year.

The deductible is the amount you have to pay in each medical option before the option starts sharing costs with you. In all of our medical options, eligible preventive care is fully covered even before you meet your deductible. In the OAP and LocalPlus OAP, some services only require a copay—a set fee—even before you meet the deducible. But in the HSA options, you will pay the full cost of all non-preventive care until you reach your deductible.