2025 Open Enrollment
Asset Living is excited to announce several benefit enhancements to our employee benefits! See below for important information on what's new and changing, as well as information on Open Enrollment.
Open Enrollment
You have the opportunity to change your benefit decisions during the 2025 Open Enrollment period, which takes place February 24th to March 7th. Decisions that you make will take effect April 1, 2024.
This year's Open Enrollment is PASSIVE. This means if you are happy with your current benefits with Asset Living, you do NOT have to re-enroll during the Open Enrollment period unless you are making changes to your current benefit elections (i.e. enrolling, changing or opting out of coverage). If you are electing in the Health Savings Account (HSA), you MUST enroll / re-enroll for 2025. EXCEPTION: Those that would like to continue contributing to their Health Savings Account (HSA) must re-enroll
While this is a passive enrollment, we strongly suggest you review your current election because Open Enrollment is the one time of year you can add coverage, change coverage, drop coverage, or enroll a dependent without a life event.
What's New or Changing for 2025?
Important Updates to your Benefits: We are excited to announce several benefit enhancements to the Asset Living benefit package!
Passive Enrollment
This year will be a passive enrollment which means if you are happy with your current benefits, you do not need to take any action, and your current benefits will rollover to the next plan year at the new rates, under the new carriers. EXCEPTION: Those that would like to continue contributing to their HSA election must re-enroll
- While this is a passive enrollment, we strongly suggest you review your current election because Open Enrollment is the one time of year you can add coverage, change coverage, drop coverage, or enroll a dependent without a life event.
Non-Medical Carrier Changes and Cost Reductions:
Effective 4/1/2025, we will be transitioning to the below current coverages to new carriers with some changes to your rates and levels of coverage:
- MetLife will be the new administrator of our Dental plans, replacing Mutual of Omaha. Employees will still have the same plan options to choose from between the Low, Medium, and High plan options •MetLife provides a broad, nationwide network of dental providers to choose from. •The cost of coverage for all dental plan options is decreasing.
- Hartford will be the new administrator of our Basic Life/AD&D, Voluntary Life/AD&D, Short-Term Disability, Long-Term Disability, Critical Illness, Accident, Hospital Indemnity, and EAP benefits •The cost of coverage for our Critical Illness, Accident, and Hospital Indemnity plans is decreasing.
Medical Plan Design & Rates:
Base $5,500 Copay Plan
- Urgent Care copay decreasing from $60 per visit to $50 per visit
- Emergency Room (ER) copay changing to $150 copay per visit after deductible, then coinsurance (copay waived if admitted to hospital)
- Specialty medications will be subject to a Specialty Rx copay of $100
HDHP HSA Plan
- The HDHP HSA deductible will be increasing from $3,200 / $6,400 to $3,500 / $7,000. The IRS has increased the minimum deductible for qualified high-deductible health plans that allow you to open a Health Savings Account.
Buy-Up $1,500 Plan
- Urgent Care copay decreasing from $75 per visit to $50 per visit
- Emergency Room (ER) copay changing to $150 copay per visit after deductible, then coinsurance (copay waived if admitted to hospital)
- Specialty medications will be subject to a Specialty Rx copay of $100
Rates:
Medical rates are increasing at around 5%; this is with a cost share with Asset Living / Property owners in the employer contribution. You will experience a greater change in your rates if you select a different plan or move to a different tier. Please review the rates in SWBC to see how much will be deducted from your paycheck.
Health Savings Account (HSA) Contribution Limits:
The IRS increased the Health Savings Account (HSA) contribution limit from $4,150 to $4,300 for singles and $8,300 to $8,550 for families.
Employee Assistance Program (EAP) Update:
- Beginning April 1st, 2025, ComPsych will be the new administrator of our EAP program
- Employees and their family members will still have unlimited access to a wide breadth or resources around work-life balance, legal/financial referrals and assistance, health advocacy, and up to three face-to-face counseling sessions at no charge
Disability:
We’re making important updates to our Short-Term and Long-Term Disability (LTD) benefits to better align with employee needs.
Short-Term Disability (STD)
The weekly benefit maximum for our Short-Term Disability (STD) plan will be increasing from $750 up to a $1,000 weekly benefit maximum. While your monthly rate will be decreasing, you will see a minor increase in your payroll deductions. If your weekly pay multiplied by the disability benefit exceeds $750, your benefit maximum will automatically increase up to the maximum $1,000, which will be the new basis for your premium calculation. Please review the rates in SWBC to see how much will be deducted from your paycheck.
Long-Term Disability (LTD) Eligibility Updates
Effective 4/1/2025, the employer-paid LTD plan will be provided to all full-time active Community Managers and Corporate employees regardless of Medical plan participation or enrollment. • Property Level employees are required to enroll in Asset’s Medical plan in order to receive coverage on the employer-paid LTD plan.
Voluntary Life Evidence of Insurability:
Evidence of Insurability is waived up to the Guarantee Issue for 4/1/2025 Open Enrollment for all employees! Take advantage of this offering by The Hartford to enroll up to the Guarantee Issue without needing to submit EOI, otherwise you will be subject to EOI the next time you try to enroll or increase your election. If you elect more than the Guarantee Issue, then you will be subject to EOI.
Voluntary Accident & Hospital Indemnity Plan Design:
- The Hartford is keeping the core plan design components the same as Mutual of Omaha. There are some benefit features Hartford similarly matched Mutual of Omaha in order to offer a similar payroll deduction. It is important to review The Hartford plan summary and document for a full overview of what is covered, how much, and how frequent.
- If you wish to remove your benefit election after reviewing the plan design and cost, you may do so through SWBC during Open Enrollment.
