W&L Open Enrollment Runs April 22-May 17 Now is the time to make any necessary changes to your university benefits.

W&L Human Resources
April 26, 2024

Washington and Lee’s open enrollment period begins on Monday, April 22 and will run through Friday, May 17 for the plan year that begins on July 1, 2024.

What is open enrollment?
Per the Internal Revenue Service (IRS), employees enrolled in pre-tax benefit plans may only make changes to their benefits once per year – during the open enrollment period. During open enrollment, you may:

• Enroll in, change or cancel benefit enrollments
• Enroll or re-enroll in flexible spending accounts for the new plan year
• Add or drop dependents from benefit plans

Outside of the annual open enrollment period, you may only make changes if you experience a “qualifying life event” such as marriage, birth of a child, loss of dependent status, etc.

Notable Benefits Changes
Due to rising healthcare claims and specialty prescription drugs costs, health insurance premiums will increase approximately 7.5% effective July 1. Rates are included in the 2024-2025 Benefits Guidebook. Subject to applicable copays, bariatric surgery will be covered effective July 1. There are no other changes. Click here for ways we can all work together to help mitigate future increases.

The prescription drug benefit will transition from Express Scripts to OPTUM on July 1.

• Generic, Preferred Brand, Non-Preferred Brand and Specialty prescription drug copays will not change. A 20% coinsurance will be instituted for GLP-1 agonists used for weight loss.

• We suggest refilling prescriptions in late June using your Express Scripts card. You will receive a new member ID card from OPTUM which you will need to use after June 30.

• The OPTUM formulary will be slightly different from the formulary that is in effect with Express Scripts. Certain medications will be covered at a different tier so members may see an increase or decrease in their copay. Other drugs will be excluded from this formulary altogether; excluded drugs do have an equivalent medication on the OPTUM formulary. Members will receive a letter from OPTUM if:

~ You are taking a drug that is moving from formulary to non-formulary
~ You are taking an excluded medication. The letter will provide the name of the equivalent drug that will be covered by the plan. If your provider feels, due to medical necessity, that you cannot take the alternative drug, your provider can work with OPTUM to request an exception to allow you to continue to take the excluded medication.

• Dental Insurance – There will be a slight increase to premiums; benefits will not change. Rates are included in the Benefits Guidebook.

• Voluntary Vision through the Blue View Vision Plan – there will be a slight increase to premiums; benefits will not change. Rates are included in the Benefits Guidebook. Blue View Vision will mail new cards this summer as the group number is changing.

• The healthcare flexible spending account maximum will increase to $3,200. The rollover amount for the plan year ending June 30, 2025, increases to $640. Use this list to calculate the amount to contribute. (Ensure “FSA” is selected before your search.)

• As announced in an earlier email, the university will match up to $500 of employee contributions to a dependent care flexible spending account. University contributions will not be taxable to employees. The maximum you can contribute is $4,500. Funds can be used to pay for dependent care services such as preschool, summer day camp, before or after school programs and child or adult daycare. Use this list to calculate the amount to contribute. (Ensure “Dependent Care FSA” is selected before your search.)

• Identity Theft Protection through Lifelock will be enhanced to include Restoration and $1 million insurance, credit monitoring and reports (one-bureau), credit and Social Security alerts, social media monitoring, online threat protection, Secure VPN and device protection (up to three devices).

Two New Benefits!
• Pet Insurance through MetLife will be available July 1. Pet insurance provides for essential needs, such as accidents, illnesses, cancer, ear infections and more. You choose your annual deductible, reimbursement percentage, annual limit, etc. Get a quote and/or enroll in minutes by calling 1-800-GET-MET8 or visiting their website. Premium is based on the type, age, and number of pets.  Payment will be through direct debit to your checking or savings account. If you leave the university, you may retain the pet insurance as long as W&L offers the program.

• Student Debt Relief Simplified for you! W&L employees and eligible dependents now have access to a financial wellness service that helps find the best federal repayment and loan forgiveness programs for your financial situation. Brought to you through TIAA and Savi, this service helps strengthen your current financial situation, and may help lower your monthly student loan payment and position you for student loan forgiveness. W&L will pay the $70 fee for you to use this service. Your dependents may also use the service at a cost of $70. It’s important to note that this service is available now. April 30 is the deadline for borrowers with FFEL and Parent Plus loans to consolidate their loans ahead of the Department of Education’s one-time account adjustment. Consolidating loans is extremely important because it will make borrowers eligible for loan forgiveness programs including the one-time account adjustment which is going to bring most borrowers three years closer to forgiveness.

For program details, click here to register for a bi-monthly webinar (the next is on Wednesday, April 24). Click here to access the service. Two identical workshops will be available specifically for W&L employees. Click on one of these two dates to register: May 9 or May 15. 

Two Ways to Lower Your Health Insurance Premium
• The University offers to pay a greater share of the total health insurance premium to ensure you do not contribute more than 10% of your family income toward the premium. Review the information on page 7 of the Benefits Guidebook. Apply by submitting a copy of your 2023 tax return.

• It is not too late to qualify for a 2024-2025 health insurance premium reduction of $25 to $75/month by participating in the university’s wellness program. You have until June 1 to log your activities here.

Steps to Take Before Open Enrollment Ends on Friday, May 12, 2023
• Review the 2024-25 Benefits Guidebook, which contains benefit summaries and premium charts.  (Group health plans are required under federal law to supply certain notices to eligible employees and plan participants. Also attached is a document containing those notices for your review.)

• Between April 22 and May 17, all employees, even if you don’t intend to make changes, must log in to Workday and click on the open enrollment task in your Workday inbox to review your current benefit elections and beneficiaries and make any necessary changes for the 2024-2025 plan year. (If you want to enroll or re-enroll in medical and/or dependent care flexible spending accounts, you must go through the open enrollment process.)

Questions regarding benefits should be directed to Kim Austin (kaustin@wlu.edu) or Jason Bunn (jbunn@wlu.edu). For assistance with Workday, please contact either Jason Bunn (jbunn@wlu.edu) or Suzannah Vess (svess@wlu.edu). Those needing assistance with recording wellness program activities should contact Andrea Velasquez (velasqueza@wlu.edu).