What is the best option to cover myself and my only child under our health plans?
For 2024, Woman’s will offer an employee + child(ren) option to their coverage plan which will allow single parents a more affordable health plan coverage option.
What if I have multiple children I want to cover?
This new employee + child(ren) option will also allow you to cover all your eligible dependent children at a lower premium cost than the Family coverage rate. This option may also be beneficial for employees whose spouse has an option to receive their benefit coverage from their employer.
I have been enrolled in our Preferred Health Plan (PPO) for several years, why are my premiums changing for 2024?
Over the past seven years, Woman’s employee contribution rates (premiums) to our health plan have not changed, while the claims cost of our Health Plans have risen 62%. During that time, Woman’s paid out approximately $111 million in claims on behalf of our employees.
For many of our competitors in healthcare, keeping premium rates unchanged from year to year is extremely rare. Woman’s has been fortunate enough to be able to offer the same rate during those seven years. However, to continue to provide our employees with the best possible health plans available, our healthcare premiums will go up 3% this year for our Preferred Healthcare Plan.
How much more will I have to pay for the Preferred Health Plan (PPO) each paycheck?
The 3% change equates to an additional employee contribution cost of:
- Full-time employee:
- $2 more per paycheck for employee-only
- $8 more per paycheck for family coverage
- Part-time employee:
- $4 more per paycheck for employee-only
- $14 more per paycheck for family coverage
Do I have an option to keep my premiums the same or reduce them?
The employee cost of premiums for the HSA Eligible Healthcare plan will remain unchanged. Under this plan, employees will have the option to keep their premium cost the same or, if they switch from the Preferred plan to the HSA Eligible plan during Open Enrollment their premium can also be reduced.
HSA Eligible plan participants do have a higher deductible that must be met before benefits are paid, but they also have access to a Health Savings Account that is partially funded by Woman’s. For employee-only coverage, Woman’s will contribute $500 to your HSA. Employees who also enroll their eligible dependents, Woman’s will contribute $1,000.
Will Woman’s still offer premium discounts?
There are opportunities to earn premium discounts under both plans. Woman’s will continue to offer a $15 discount per pay period for non-tobacco users.
Employees can also participate in the
Healthy Merits program for a $10 discount per pay period. To qualify for the program, employees must complete a biometric screening and online health assessment during Open Enrollment. Participants can also earn up to $250 cash incentive by completing wellness challenges throughout 2024.
Will my out-of-pocket maximum change?
The Out-of-Pocket maximums for both plans will change in 2024 for in-network services:
- Preferred Plan
- Individual Out of Pocket: $7,000
- Family Out-of-Pocket: $14,000
- HSA Eligible Plan
- Individual Out-of-Pocket: $6,000
- Family Out-of-Pocket: $12,000
The Out-of-Pocket maximum is the accumulated amount you must pay in copayments, deductibles, and coinsurance before the Health Plan pays for all eligible services at 100% for the rest of the calendar year.
What if I have any other questions?
Contact the
Benefits Team with any questions at 8731 or 8140.
