2024 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 2024 Open Enrollment period, which takes place February 26th to March 8th. 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 Flexible Spending Account (FSA) or Health Savings Account (HSA), you MUST enroll / re-enroll for 2024.
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 2024?
Medical Plan:
- The HDHP HSA deductible will be increasing from $3,000 / $6,000 to $3,200 / $6,400. The IRS has increased the minimum deductible for qualified high deductible health plans that allow you to open a Health Savings Account.
Voluntary Accident Plan:
- The rates on the voluntary accident plan are being adjusted to how they were initially designed to be. The rates set as the accident low plan will now be the rates for the accident high plan, and the rates set as the accident high plan will now be the rates for the accident low plan.
- The current election you made will rollover for the 4/1/2024 pan year. Being enrolled on the low plan will automatically adjust to the lower rate, and being on the high plan will automatically adjust to the higher rate
- Please review your plan election on the SWBC portal to review your election as your premium will change based on your election
Mutual of Omaha Rates:
- Effective 4/1/2024, you will see a reduction in your payroll reductions for the Mutual of Omaha Dental, Life, Disability and Critical Illness plans.
- Please review your plan elections on the SWBC portal for your new rates.
Hospital Indemnity Plan:
- The Hospital Indemnity plan is now being administered by Mutual of Omaha effective 4/1/2024.
- You will receive a decrease for your monthly premium.
- Hospital Confinement limitation has been extended from 100 day maximum to 180 days.
- Pre-existing clauses has been removed, including pregnancy.
- Added $50 Health Screening Benefit.
Please refer to your benefit summary for a full overview of the benefits.
Nationwide Pet Insurance:
- Beginning on 4/1/2024, Pet Insurance coverage will not be deducted from your paychecks.
- You will need to set up direct billing with Nationwide to keep your policy active within 45 days from 4/1/2024.
- Your current policy will not change, and you will continue to receive the discounted rate with Nationwide.
Your Premium Payments:
- Any past due premium will need to be paid through 4/1/2024
- You will also need to pay premium for the months of April & May in advance
- There will be a $2 monthly processing fee added per policy to your current rate
Nationwide will reach out directly with reminders. If payment is not received within 45 days of notice, then your policy may be cancelled. Please contact the Nationwide support team at 855-672-7093 to set up your payment plan.
Spending Accounts:
- The IRS increased the Health Savings Account (HSA) contribution limit from $3,850 to $4,150 for singles and $7,750 to $8,300 for families.
Please view the Spending Accounts page for more information.