FAQs

The deductible is the amount you must pay each year before ITW begins to pay part of your health expenses outside of copayments. Let’s say you have individual coverage, and your deductible is $1,000. Once you’ve paid $1,000 worth of eligible services, you will have met your deductible. Then, you and ITW will share the costs of most services, up to the out-of-pocket maximum.

If you’re covering family, be sure you know how the family deductible works.

Here’s how the family deductible works under each plan.

• HealthSaver: If you have family coverage, the individual deductible doesn’t apply. The entire family deductible must be met before expenses are paid for any covered family member.
• PPO1 and PPO2: If a family member meets the individual deductible, the plan will start to pay benefits for that family member — even if the family deductible hasn’t been met. Once the family deductible is met, the plan will pay benefits for all covered family members.

Coinsurance is the fixed percentage you pay after you meet the deductible. For example, if your medical plan says you pay 20% after you meet the deductible, that 20% is your coinsurance.

A copayment is the set dollar amount you pay for some services, whether or not you’ve met your deductible.

This is the most you will have to pay for eligible expenses in a year before the plan pays 100% of eligible expenses for the rest of the year. Keep in mind there are separate out-of-pocket maximums for services in- and out-of-network.

Yes, you can see any doctor you want. But keep in mind you’ll likely pay less when you see providers in your plan network. That’s because network doctors have agreed to negotiated rates.

If an out-of-network doctor charges more than the plan allows, you’ll pay the difference in price — in addition to your deductible and coinsurance.

Log on to ITWemployee.com, then click on the Medical (BCBS) icon to search the provider network. You can also call a Benefits Value Advisor at 1.800.325.0320.

When choosing your ITW medical plan, start by thinking about your health care needs during the year. Do you typically only need preventive care or visit the doctor occasionally? Or, maybe you plan to see the doctor for routine appointments or minor treatments. Be sure to factor in things like if you’re pregnant, have a chronic condition or are planning to have surgery.

Check out these resources to determine which plan best meets your needs:

• Compare your options.
• Find out which plan is right for you.

The HealthSaver Plan helps protect you from large expenses in a few ways:

• Save money in a Health Savings Account to help cover expenses. ITW contributes to your account, too.
• Once you meet your deductible, ITW starts to share costs with you (coinsurance).
• Once you meet the out-of-pocket maximum, ITW pays the full cost of eligible expenses for the rest of the year.

When you use in-network providers, you are already getting a discount off the full cost, plus you usually won’t pay at the time of service. The bill typically comes later, and providers will often welcome a payment plan if that works better for your budget.

Preventive medications are those you take to prevent a health condition. The generic version is as effective as the brand-name version, but simply costs less. Because these medications cost less, ITW is passing the savings on to you. In fact, these medications will be offered at no cost to you.

Keep in mind that CVS Caremark will determine which medications fall in this category. Click here for the current listing.

No. If CVS Caremark considers your medicine to be a preventive generic medication, you won’t be charged for it.

If you fill a brand-name drug when a less expensive generic alternative is available, you’ll pay the difference between the cost of the brand name and the generic plus your copayment or coinsurance.

If your doctor believes that a generic option isn’t right for you, your doctor can submit medical documentation to CVS Caremark and request approval for prior authorization to use a brand-name drug. If the request is approved, you will not have to pay the additional cost.

No. The HealthSaver Plan has one out-of-pocket maximum for medical and prescription drugs combined.

Employees and their family members with specialty prescription drugs — generally high-cost medications used to treat complex, chronic or rare conditions — who are enrolled in the PPO1 or PPO2 medical plan will be able to take advantage of the PrudentRx Copay Program and get their eligible specialty prescriptions for $0. PrudentRx will reach out to you if you are taking an eligible specialty medication to enroll you in the program. If you don’t join the program or your medication is not eligible, you’ll pay 30% of the cost for the same medication. Note: Fertility prescription medications are not included in the PrudentRx Copay Program.

No. You can only have an HSA if you’re enrolled in the HealthSaver Plan. You can have a Health Care FSA if you’re enrolled in the PPO1 or PPO2 plans, or you have waived medical coverage through ITW.

No. To be eligible for the HSA, you must be enrolled in the HealthSaver Plan and meet the eligibility requirements.

You’re eligible for an HSA if:

• You’re enrolled in the HealthSaver Plan;
• You’re not covered under any other health plan that is not a high-deductible health plan, including Medicare, Veterans Affairs (VA) benefits or TRICARE;
• None of your eligible dependents (including your spouse) has a Health Care FSA; and
• You’re not a dependent on anyone else’s tax return.

Yes. You are required to confirm that your distributions are for qualified health care expenses. It is your responsibility to keep all documents (such as receipts) that show how you used your HSA or Health Care FSA and to self-report distributions on your annual tax return.

You must elect how much you want to contribute to your HSA when you make your medical plan election. However, you can change your contribution amount at any time by contacting the ITW Benefits Service Center at 1.866.489.2468.

If you enrolled in the HealthSaver Plan during Open Enrollment, ITW will contribute to your account in early January 2025.

If you enroll in the HealthSaver Plan outside of Open Enrollment, ITW contributes a lump sum as soon as possible after your coverage effective date.

You can either pay your expenses and get reimbursed or use your HSA debit card at the time payment is incurred.

A beneficiary is the person (or people) who will receive your funds if you pass away. To designate a beneficiary, log in to hsabank.com, click the Profile tab and then click Add Beneficiary. Complete the information about your beneficiary and submit.

If you change your coverage level (individual or family) mid-year, your HSA payroll contributions will be capped at your new coverage tier. For example, if you move from family to individual coverage during 2025, the most you can contribute to your HSA through payroll deductions is $4,300. However, you may contribute directly to your HSA through HSA Bank, up to your annual contribution limit. Contact HSA Bank for details. See IRS Publication 969 for more information on your annual contribution limit. 

You’re eligible to join the ITW 401(k) Retirement Plan on your hire date. If you didn’t enroll when you were first eligible, you can enroll at any time after that. And if you enrolled but later stopped contributing, you can reenroll whenever you’re ready. You can change your contribution amount whenever you want.

Here’s how:

• Log on to ITWemployee.com.
• Select the 401(k) Retirement Plan icon.
• In the Account drop-down menu, click on Contributions.

All ITW contributions are made before-tax.

You’re going to pay taxes on the money in your 401(k) account — it’s just a matter of when. The goal is to pay those taxes when you get the biggest tax advantage. You may want to consider:

• Roth contributions if you think your future tax rate will be higher than it is now
• Before-tax contributions if you think your current tax rate is higher than it will be in the future
• A combination of before-tax and Roth contributions if you are not sure whether your future tax rate will be higher or lower than your current tax rate or you think your current and future tax rates will be similar

You should also consider when you plan to retire. The longer you have until you retire, the more time you have to save and to allow your investment earnings to grow tax-free. Also, distributions from your Roth investment earnings are only tax-free if you are over age 59½ and you first made Roth contributions at least five years prior to the date you withdraw your money.

Log on to ITWemployee.com, then click on the 401(k) Retirement Plan icon to learn more about your investment choices and to read the individual fund fact sheets.

A beneficiary is the person (or people) who will receive your funds if you pass away. If you’re married, your spouse is automatically your beneficiary. To choose a different beneficiary, you’ll need your spouse’s written consent.

Here’s how to designate your 401(k) beneficiary:

• Log on to ITWemployee.com.
• Select the 401(k) Retirement Plan icon.
• Click on Account, then Beneficiaries under Overview and follow the screen prompts to make your beneficiary designation(s).

Questions? Call 1.800.211.8758. Participant Service Representatives are available Monday through Friday from 7 a.m. to 9 p.m. Central time, excluding stock market holidays, and Saturday from 8 a.m. to 4:30 p.m. Central time.