Here are reminders about the benefit plan changes for 2024.
Health Insurance Deductibles
The annual deductibles for the High Deductible Health Plans (HDHPs) will increase to $1,600 for individual coverage and $3,200 for family coverage to remain compliant with the federal minimum deductible requirement for HDHPs.
The annual deductible for the non-HDHP Health Plans will remain the same; however, the out-of-pocket maximum for pharmacy benefits will increase to the federal limits.
Health Insurance Premiums
For all plans, premiums will increase and the accumulators for the deductibles and out-of-pocket maximums will reset on January 1, 2024.
Health Insurance Providers
If you have enrolled in State Group Health Insurance for 2024, contact your health insurance carrier to confirm your preferred doctors, clinics, and hospitals will remain in-network since health insurance carrier networks can change slightly from year to year.
Health Insurance Access Plans
The Access Health Plan and Access HDHP will continue to offer nationwide coverage in 2024. Dean Health Plan will remain the carrier using the Dean Health Plan and First Health networks.
If you changed your health insurance plan carrier, or are newly enrolled, after you receive your ID card, contact your health insurance plan carrier to assign a primary care physician. Your health insurance plan carrier will assist you with designating one, if necessary.
Dental Insurance
Annual deductibles and benefit maximums will remain the same for 2024. The accumulators for the deductibles and benefit maximums will reset on January 1, 2024. Premiums will change for all plans.
Accident Insurance
Premiums will decrease for 2024.
Pre-tax Spending and Savings Accounts
Below are the pre-tax spending and savings accounts annual contribution amounts for 2024.
- Healthcare Flexible Spending Account (FSA): $3,050
- Dependent Day Care Account: $2,500 or $5,000 (depending on tax filing status)
- Health Savings Account: $4,150 for individual health insurance and $8,300 for family health insurance
The Healthcare FSA carryover limit will increase to $610. For the Healthcare FSA, balances less than $50 will be forfeited if you did not re-enroll during Annual Benefits Enrollment for 2024. The Dependent Day Care Account does not have a carryover provision. The Health Savings Account has unlimited carryover.
Review the Universities of Wisconsin Employee Benefits website for additional information.
Source: Universities of Wisconsin Office of Human Resources