2024 Benefits Open Enrollment Starts October 18

Current inflationary pressures in our economy are impacting healthcare costs. The general healthcare market trend indicates costs are rising at a rate of 7.5% per year. We continue to work with third-party experts and an internal stakeholder committee made up of faculty and staff to compare our employee contribution rates and plan design to others in the marketplace and to evaluate plan changes that can ensure that we are offering a plan that is competitive amongst other higher education institutions and local employers, controls plan costs as necessitated by economic factors, and minimizes healthcare costs incurred by our faculty and staff.  All of these actions are taken in support of our commitment to providing comprehensive and competitive benefits to support your well-being.

Plan participants can also help control plan costs by using tools at our disposal to be efficient users of the healthcare benefit. Selecting the best plan choice for your circumstances is one way to take advantage of the benefits SLU offers. To assist with this effort, we will once again offer access to the ALEX tool during open enrollment (see below). In addition, during the open enrollment webinars, we will cover some of the tools available to help participants to understand better the costs associated with the services they receive.

Important Benefit Information for 2024 

• Employee Contribution Rates will increase in 2024. To address healthcare cost trends, employee medical plan contributions will increase by approximately 6%.  
• Wellness Premium Discount will increase in 2024. While employee contribution rates will increase, the wellness discount will increase to $60 for an employee and an additional $30 for covered spouses. This is one of several ways the University invests in your health and well-being.
• There will be no changes to the medical and pharmacy plan design. We are pleased to share that for 2024, no changes will be made to the plan design, which means deductibles, co-pays, and out-of-pocket maximums will remain unchanged.
• Continuing subsidized premiums. Keeping health insurance affordable for the lower-paid members of our community is consistently identified as a top priority by many faculty, staff, and administrators. In 2024, we will continue to offer employee-only coverage under the Plus Plan with no monthly premium contribution to employees who make less than $42,078. 
• Tier 1 Coverage, which offers discounted coverage through SLUCare and SSM, will continue to be offered. We have worked with SLUCare and SSM to continue offering an enhanced benefit for participants seeking coverage under Tier 1 of our healthcare plan. For those who currently see or wish to see a physician in-network, but not with SLUCare or SSM, we continue to offer access to a broad range of medical providers at in-network rates under Tier 2 of our plan.
• Dental and Long-Term Disability (LTD) Plan Rates will increase slightly in 2024. Due to rising dental care costs, the employee contribution to dental coverage will slightly increase by 3% while employee contribution rates for LTD coverage from $0.32 to $0.35 per $100 of covered payroll.
• VOYA Accident Insurance coverage is being enhanced and rates are decreasing by 10%.

You may view all the medical contribution amounts by viewing the 2024 Cost Sharing: Monthly & Bi-Weekly  chart.

ALEX

ALEX, "your personal virtual benefits counselor/assistant,” is an interactive online experience designed to help you make choices about your benefits during enrollment.  Just answer a few questions about your preferences and healthcare needs, and ALEX can narrow it down to only show you plan options that give you the best coverage for the lowest cost. It’s confidential, and it takes less than 10 minutes. Alex will be available for additional help beginning on Wednesday, Oct. 18.

Virtual Open Enrollment Meetings

If you would like to learn more about annual enrollment, please plan on participating in an Open Enrollment Webinar. Links to register for the webinars are below. 

• Friday, Oct. 13, 2023, Noon to 1 p.m. 
• Monday, Oct.  16, 2023, 3 p.m. to 4 p.m.
• Tuesday, Oct. 17, 2023, 3 p.m. to 4 p.m.
• Friday, Oct.  20, 2023, Noon to 1 p.m.

Open Enrollment in Workday 

Detailed job aids are available to guide employees through the enrollment process. To prepare for the open enrollment period, we recommend all employees review their dependents and add any new ones to their profiles. Dependent verification documents will be required for any new dependents added. Employees can do this by following the open enrollment job aid.

Look for Your Benefits Guide in October 

Finally, in the next week, you will receive an open enrollment guide via email with additional information on the University's 2024 benefit offerings.

We appreciate your contributions to the University and hope you will participate in the upcoming Virtual Open Enrollment Meetings.