What's Changing in 2024
What’s Changing This Year?
There will be a few changes to your benefits for 2024.
Remember, Waters strongly encourages all employees to login during Open Enrollment. Most employees will need to take action. For example, some plans require re-enrollment each year (FSAs & HSA contributions). Also, you should step through the medical plan enrollment to evaluate your plan options for 2024 and enroll in the best one for you and your family. You can also make sure your Working Spouse/Partner medical surcharge indicator is set correctly.
Medical/Rx Changes
Aetna will continue to be your health provider, and there will continue to be three plans to choose from. There will be a 3% increase to all employee premiums and the deductible in the $1,550 plan needs to increase to $1,600 to keep up with the government’s deductible requirements for these types of plans. Additionally, all three medical plans are adding additional Transgender coverage enhancements. There are also four new programs for all three medical plans:
PillarRx specialty copay assistance program which may provide financial support to patients by covering most or all patient out-of-pocket costs associated with eligible high-cost medications. Members with eligible medications will be contacted directly from PillarRx.
CVS’s “Over the Counter” Program which gives each member $25 a quarter to spend on IRS 213D eligible items at CVS Pharmacy
Brightline’s behavioral health network (virtual therapy, psychiatry and coaching for children ages 18 months to 18 years old) which is already live
Enhanced Aetna concierge model which includes DEI advocates specific to transgender, fertility, and mental health.
If you enroll in either the Deductible $1,600/$3,700 plan, or the Deductible $2,500/$6,250 plan, you can choose to have either an HSA account, or a Health Reimbursement Account (HRA) for 2024.
Most employees are enrolled in the HSA, but some are in the HRA, for example, if they aren’t eligible for an HSA due to IRS regulations. Examples of not being eligible for an HSA are if your IRS spouse is contributing to a General Purpose Health Care Flexible Spending Account, or you are covered on another medical plan outside of Waters, like Medicare.
See the IRS rules for HSA eligibility here: https://www.irs.gov/publications/p969/ar02.html#en_US_2015_publink1000204025
The IRS is increasing the amount employees with individual coverage may contribute to their Health Savings Account.
In 2023, the IRS limit for how much employees with individual coverage could contribute to their Health Savings Account was $3,850. In 2024, the new limit has increased to $4,150. Employees covering one or more family members can contribute up to $8,300 in 2024 (up from $7,750 in 2023). If you’re age 55 or older, you can add $1000 to each of those maximums (this extra $1,000 is the same as in 2023). These limits include both your contributions and company contributions from Waters (see the Wellness section below).
The Health Savings Account will continue to be administrated through Fidelity.
The only change here is that the IRS has increased the amount for pre-tax contributions to their HSA Account for 2024. (See the new limits mentioned above.) Waters will again add company contributions to your account in 2024 (see the Wellness section below). Other than the higher pretax limit, the HSAs are remaining with Fidelity for 2024. If you already have an open account, you don’t need to open it again. All you will want to do is elect how much you want to contribute to your HSA in 2024, since your current 2023 contribution election doesn’t automatically carry forward into 2024. Make your election on WatersBenefitsNow.com in the Open Enrollment section at the top of the homepage. You will be able to view and manage your HSA Account on NetBenefits at www.401k.com, the same Fidelity NetBenefits web site you manage your existing Waters 401(k) Plan. All new employee and employer contributions, beginning with the first payroll of 2024, will be deposited into your Fidelity HSA Account. And with this comes the great education and consultative expertise for your HSA Account that you are already used to from Fidelity on the 401(k) side.
You can continue to use your Fidelity HSA debit card into 2024, and you’ll have the option for a checkbook for your HSA Account with Fidelity.
If you are enrolling in a Waters HSA Account for the first time, make this election on WatersBenefitsNow.com during annual Open Enrollment and following the new enrollment instructions located there. Also, be sure to open your HSA account at www.401k.com.
Three advantages to having your HSA with Fidelity:
A clear and simple tool to pay your eligible health expenses, straight from your HSA Account (on www.401k.com)
Easy access to all of Fidelity’s mutual funds, to invest your HSA account money (once your account balance is at least $500)
Enhanced consultative help and assistance to manage your HSA, with Fidelity certified representatives–as you have come to experience with Fidelity’s 401(k) service.
As an HSA member, your Fidelity HSA account can be accessed at www.401k.com.
If you are not eligible for an HSA, you can have a Health Reimbursement Account (HRA), or a Flexible Spending Account. Please refer to those sections later in this guide.
General Purpose and Limited Purpose Health Flexible Spending Account (FSA)
The Health FSA limit is increasing from $2,850 to $3,050 for 2024. The Dependent Day Care Flexible Spending Account limit will remain at $5,000 for 2024.
Waters Wellness Benefits- There are some changes for 2024.
Fitness and Weight Loss Benefit amount is increasing for 2024:
The available company benefit payment amount will increase in 2024 from $150 for an employee only or $300 for a family for fitness or weight loss program fees up to $400 per employee (can include family expenses if employee participates). We have also added additional eligible expenses. Please view the Fitness and Weight Loss Benefit flyer in the Learn – Resource Library or email WatersGym@PlusOne.com for the form or assistance.
Company contributions into your HSA or HRA Account:
Company contributions into medical enrolled employees with an HSA/HRA account will still be available at the same amount in 2024, starting with the up-front seed contributions of $200 Employee Only medical tier or $400 Family medical tier. Additional company contributions can be earned by participating in the Waters Wellness New Program with Virgin Pulse. The eligible amount to earn will remain at the same $400 Employee Only and $800 if Spouse/Partner also participate. New for 2024 - these additional monies can be earned sooner (mid-year instead of waiting until the end of the year to receive it all). As part of this change, the actions needed to earn these have changed to now be connected to completing a Health Assessment, Annual Physical, and Biometric Screening. We want to encourage our Waters family to engage in these important healthy actions annually. See the Waters Wellness Now with Virgin Pulse Program Guide in the Learn – Resource Library on WatersBenefitsNow.com for more details.
The total Virgin Pulse – Pulse Cash earning potential for 2024 will decrease from $400 to $300 because we are shifting some of the focus and incentive dollars to the above mentioned areas of interest and enhancements.
Livongo for Diabetes and Hypertension Programs
There are no changes for 2024. Like last year, any employee and family member enrolled in a Waters medical plan will have free access to Livongo for Diabetes and/or Hypertension.
Learn more and/or enroll at Go.Livongo.com/WATERS/register.
Hinge Health for musculoskeletal joint and muscle pain assistance.
Hinge Health will be offered again in 2024. You can actually sign up now. The program includes their free, interactive exercise therapy program, which includes a tablet and wearable sensors to help eliminate musculoskeletal joint and muscle pain, including those with knee, back, hip, neck, and shoulder pain. And new for 2024, the service is expanding to now include Chronic Pathways and Women's Pelvic Health programs. Review the Hinge Health summary for details. This program is available to all US benefits-eligible employees, along with any spouse/partner that is covered under a Waters group health plan. Participation is simple and takes as little as 15 minutes per session, up to 45 minutes per week, easily fitting into your busy schedule, anytime and anywhere.
Read more or apply at hinge.health/waters.
Dental Changes
Waters will again offer two dental plans through Delta Dental: the Low Plan (which has lower premium costs, but does not cover major services or orthodontia), and the High Plan.
In 2024, the High Plan will have an increased orthodontics benefit from $1,500 to $2,000. Review the Delta Dental summary for details on WatersBenefitsNow.com.
If you do nothing, you will remain in your current dental plan. Both plans use Delta Dental’s PPO Plus Premier dental network.
Vision Changes
There are no changes to the vision plan in 2024. The vision plan will continue with EyeMed.
Short-Term and Long-Term Disability Changes
There will be no changes to the short-term and/or long-term disability coverage for 2024.
Life and AD&D Insurance Changes
There will be no changes to life and/or AD&D coverage for 2024.
Voluntary Buy-up Options for Life and/or Disability
The plan options and designs aren’t changing for 2024. If you are enrolled in any of the voluntary buy-up options, those will continue 2024 into automatically. Your premium for any Waters Group Term program might increase if you have moved into the next-highest age bracket used for premium rates. Whole Life will also continue, with no premium changes. Unlike the life insurance waters already offers, Whole Life Insurance and Long Term Care with Colonial Life is permanent, and owned by you. So if you decide to buy it, you can take it with you if you retire or leave the company. And the cost is based on a fixed benefit and fixed premium… so it won’t break your piggy bank.
All of these plans are available in Open Enrollment on WatersBenefitsNow.com.
Other Voluntary Plans and Discounts
All Voluntary Programs will still be offered and will continue into 2024 if you are already enrolled. Learn about them in this eGuide.
That covers the changes for 2024. But there’s a lot more information available here, in this eGuide, if you’re interested in learning more. Hope it helps!