Valeant 2015 Benefit Option Summary Guide
Valeant offers two medical plan options through Aetna. You may select the Aetna Choice POS II Plan or the Aetna HealthFund HSA Plan.
The Aetna Choice POS II Plan and Aetna HealthFund HSA plan are similar in the following ways:
Flexible Spending Accounts (FSA)
- Both use the same Aetna network of providers. As a reminder, each year you should check to make sure your providers are still part of the network. Visit www.aetna.com and click “Find a doctor” on the home page and search the Choice POS II network,
- You do not need to select a primary care physician or obtain a referral to see a specialist,
- Both cover preventive services at 100%,
- The two plans offer in-and out of network coverage. You have the flexibility to go in-or out of network for care, but you receive a higher level of benefit when you see in-network providers, and
- The plans offer prescription drug benefits through Aetna.
With an FSA, you can set aside pre-tax dollars to pay for health care or dependent care expenses. By doing so, you reduce your taxable income, and increase your take home pay. You decide how much to contribute and you use the money in the account to reimburse yourself for eligible expenses. You can enroll in the FSAs even if you do not choose medical or dental coverage through Valeant.
The “use it or lose it” rule applies to FSAs. If you set aside more FSA money than you use in a given year, you forfeit the unused amount. So be careful when deciding how much to contribute to your FSA each year.
Health Care FSA — you can set aside up to $2,550 to reimburse yourself for eligible health care expenses incurred by you and your eligible dependents.
Dependent Care FSA —you can set aside up to $5,000 to reimburse yourself for child care expenses such as babysitting or pre-school, until your child turns 13. You can also use a Dependent Care FSA to pay for the care of an adult, such as a disabled spouse or elderly parent, when that person is your tax dependent.
Both the Health Care and Dependent Care FSAs are administered by Aetna. You may enroll in one or both of these FSA accounts, but you cannot enroll in both a Health Care FSA account and an HSA account.
Valeant offers one Dental PPO option through MetLife. If you receive care from a participating MetLife PPO dentist, you pay a discounted rate for services. When you use an out-of-network provider, the coverage level is based on the Reasonable and Customary (R&C) charge for that service in your area, and you may be billed for the balance due if the billed amount exceeds the R&C level for that service. There is no deductible for preventive and diagnostic services. You can find the list of network dentists at www.MetLife.com.
The Vision Plan provides comprehensive eye health coverage through VSP including coverage for routine eye exams, eyeglasses and contact lenses.
Employee Assistance Plan (EAP)
The Employee Assistance Plan (EAP) is administered by Aetna and is offered to you at no cost. This plan provides 24-hour confidential counseling and referral services and is staffed by trained professionals to assist you and your dependents with family/marital, parenting, drug/alcohol abuse, emotional or work-related concerns. This plan is offered to all Valeant employees ¾ Aetna members and non-Aetna members. You and your dependents are eligible for a maximum of five counseling sessions per individual.
Short-Term Disability (STD)
This plan is designed to provide you with partial salary replacement while you are under the care of a physician and unable ¾ due to sickness or injury ¾ to perform the main duties of your job. If your illness or injury extends beyond 7 consecutive days (5 business days), you are eligible to receive benefits under the short-term disability plan. Sick time benefits are paid at 100% for the initial week of illness or injury using accrued sick or vacation time if you have the time available; STD benefits commence on the 8th day of disability and will be paid at 100% of your daily base salary for next 4 weeks of STD and then at 66.67% of your daily base salary for the remaining 21 week period for a total of 26 weeks.
Short-term disability is a company-paid benefit. The Company will automatically enroll you in STD coverage.
Long-Term Disability (LTD)
Long Term Disability (LTD) coverage provides partial monthly income replacement for a continuous disability
that extends beyond 26 weeks. This Company-paid benefit ensures coverage of 50% of your base salary up to a monthly maximum of $10,000. You will automatically be enrolled for this amount of coverage. You also have the have option to purchase additional LTD coverage for up to 66.67% of your base salary, up to a monthly maximum of $20,000.
Please note: Employees covered by a Bargaining Agreement receive Disability Coverage in accordance with that Agreement and may have different benefits than those described on this page.
Life and Accident Coverage
Important: Make sure you enter your beneficiary designations online.
Basic Life and Accidental Death and Dismemberment (AD&D): The Company provides each employee with Basic Life coverage of 1x your annual base salary up to a maximum of $1 million, at no cost to you.
Additional (supplemental) Life: You can also purchase additional life insurance. Your cost for this coverage will depend on your age band and the amount of additional life insurance. You can elect up to 6x your pay in increments of 1x pay, up to a maximum of $2 million. Evidence of Insurability (EOI) will be required for requested amounts exceeding $1 million. This insurance is portable if you leave the Company.
Spouse Life: You may choose to enroll your spouse at the following coverage levels: $5,000, $10,000, $20,000, $30,000, $40,000 or $50,000. You pay the full cost for this coverage.
Child Life: You may choose to purchase child life benefit at either the $5,000 or $10,000 level of coverage.
Additional (supplemental) AD&D: You have the option to purchase additional AD&D insurance for you and your family. You can purchase supplemental AD&D in the following amounts: $25,000, $50,000, $100,000, $150,000, $200,000, $300,000, $400,000 or $500,000. The amount elected cannot exceed your annual salary, rounded to the next higher multiple of 1,000 if not already a multiple thereof, times 10.
Evidence of Insurability (EOI)
When you enroll in Additional Life insurance coverage for the first time (unless you are enrolling as a new hire), or if you wish to increase your current coverage, you must prove to the insurance company that you are in good health. EOI is required for any increase in coverage.
During Open Enrollment, select the Evidence of Insurability form. Complete and send to Liberty Mutual.
Make sure you check your mail for Liberty’s response because they may request additional information from you or your doctor.
401(k) Retirement Savings Plan
Valeant cares about your financial security in retirement and we want to help you plan and save for the future. Through the Valeant 401(k) Account Plan, you may contribute 1% to 100% of your salary up to the IRS maximum of $18,000 per year and if you’re age 50 or older you may contribute an additional $6,000. Deferrals are deducted on a pre-tax or post-tax basis and Valeant matches $.50 for every dollar of the first 6% of the employee’s contribution. Additionally, hourly employees will receive a 2.5% base contribution to the plan each pay period whether or not they contribute to the plan. New hires are eligible to enroll in the 401(k) beginning in the first month following their hire date. Valeant’s 401(k) plan is offered through Fidelity Investments.
Employee Stock Purchase Plan (ESPP)
This program is a unique opportunity for Valeant employees who want to participate as owners of the stock while receiving an industry-leading company match. The ESPP allows employees to purchase stock through bi-weekly payroll deductions. For each share purchased, you will receive a grant of 0.75 matching Restricted Share Units that will vest 100% after three years. You can elect to contribute from 3% to 20% of your gross bi-weekly salary plus all actual bonus awards (annual bonus and commissions) earned. ESPP purchases occur quarterly with the purchased shares being deposited in an account at Fidelity Investments. There is no need to re-enroll each quarter, our ESPP allows participants to stay enrolled in the program once they elect to participate.
As a potential shareholder in Valeant, this program allows you to be a part of the company’s long-term outlook. Valeant’s future growth and profitability will depend in part on each of us working together. We believe that stock participation will help make us a stronger organization and instill an ownership mentality through everything we do.