Open enrollment is your annual opportunity to add, change, or remove benefit enrollment elections for the next plan year. Elections made during open enrollment are effective on January 1, 2024. Outside the annual open enrollment period, you may only make changes to your benefits elections within 30 days of a qualifying status change event, such as marriage, birth/adoption of a child, dependent eligibility changes, divorce, loss of other coverage, retirement, etc.
This year is a passive open enrollment. No enrollment action is required if you want to continue with the same benefits in 2024 with the exception of flexible spending accounts. Flexible spending enrollment is required annually. All other benefits will continue automatically for 2024 if you do not make changes. If you do make any changes, please be aware that you will need to re-enroll in all your benefit elections.
Changes for January 1, 2024
A thorough review of our benefits program has revealed that it is necessary to implement a 10% increase in medical insurance premiums. This adjustment is essential to ensure that we can continue offering high-quality healthcare coverage and meet the rising costs associated with medical services.
We understand the significance of healthcare benefits and the impact they have on our employees’ wellbeing. We will continue to explore opportunities to enhance our benefits package and ensure that it aligns with the evolving needs of our organization.
This is the first medical premium increase to our plan since 2019. Below are the medical insurance premiums that will be in effect on the first paycheck in January 2024.
2024 Biweekly Premiums
HVN Aware HDHP
- Employee Only $60.61 $109.73 $53.83
- Employee + Spouse $319.10 $430.07 $283.44
- Employee + Child(ren) $299.70 $415.20 $266.22
- Family $360.62 $529.54 $320.32
Other plan changes for 2024:
- The High Deductible Health Plan deductibles increased from $3,000 to $3,200 for single and from $6,000 to $6,400 for family coverage. There are no changes to the HVN or Aware deductibles.
- Sharecare is being replaced by Blue Advisor effective 01/01/2024. All employees are eligible to participate in Blue Advisor. You must use your Sharecare rewards by 12/31/2023.
- Increased maximums for health savings account (HSA) contributions.
- New: increased maximums for healthcare flexible spending accounts from $3,050 to $3,200 annually. There is no change for dependent care flexible spending accounts.
- New: increased annual healthcare flexible spending carryover from $610 to $640 for the plan year ending on 12/31/2024.
There are no changes in benefit premiums for dental, vision, and accidental injury.
The 2024 Benefit Guide outlines all our benefit options. Please review the guide to make your 2024 election decisions. All plans are stand-alone benefits (meaning you are not required to enroll in one particular benefit in order to enroll in another), with the exception of the HDHP and HSA. The HR website has FAQs to help answer questions you may have.
To view your current benefits or to make changes to your elections, login on the Faculty/Staff Portal, click Employees, click on My Payroll, click on My Payroll in the middle of the screen, click on the Benefits tab. You can review your current benefits on the main screen. When you are ready to make changes, click the blue open enrollment button on the top of your screen. You can modify your elections through November 20, 2023.
If you have questions after reviewing the benefit guide and FAQs, you can contact the HR team at hr@smumn.edu or 507-457-1508.
