July 1, 2023 Changes
MEDICAL
Insurance premiums reflect a small increase due to market. The salary bands and tiers within the premium structure will remain unchanged this year.
Transition from CVS Caremark to Optum Rx for Prescription Benefit Manager: Meritain Health will issue new member ID cards that include the Optum Rx Prescription Drug Plan information.
Medical plan participating provider deductible increases from $350 individual/$1,050 family to $500 individual/$1,500 family and the participating provider out-of-pocket maximum increases from $1,300 individual/$3,900 family to $1,500 individual/$4,500 family.
DENTAL
No change in insurance premiums or plan design for both the Low Option and High Option plans.
VISION
No change in insurance premiums or plan design.
FLEXIBLE SPENDING ACCOUNTS
Health Care Flexible Spending Account
The annual election amount is increased to $3,050 to coincide with IRS regulations and covers out of pocket health care expenses. Contributions should be planned carefully based on predictable medical, prescription drug, dental and vision expenses, because the Internal Revenue Service (IRS) requires that any money left unclaimed in your account at the end of the plan year's "grace period" (September 15) be forfeited.
Dependent Care Flexible Spending Account
The annual election amount remains unchanged at $5,000 or up to the total salary of the lowest paid spouse (whichever is less) and covers work related dependent care expenses.
RETIREMENT
For eligible employees (FT with one year of service), the employer matching contribution will increase from .25% to .5%.