It’s the time of year for health care plan renewals. And with the new calendar year beginning January 1, this is a good time to start thinking about upcoming changes in your benefits.
As the new plan year begins, some employees may be surprised by higher costs for their health care coverage this year. According to a recent Wall Street Journal article, employer-sponsored plans are expected to increase by an average of 6.5% in 2024. These increases are partly due to rising prices. But they are also the result of more employers taking a harder look at their budgets and seeking bids from health insurers to find better prices.
Penn State is a self-insured employer, which means that the University and its employees pay all of its health care expenses, not just a portion like fully insured plans. In addition, the University’s move to Highmark in 2023 yielded savings that have allowed us to minimize increases for 2024. The University will continue to invest 75% of total employee health care costs and maintain access to high-quality in-network providers.
Employees will see modest monthly increases in their health care plan contributions — between 43 cents and about $12 per month depending on their income and selected medical plan. The University will also offer a new option for 2024 to purchase additional voluntary life insurance through Cigna, and continue to offer an enhanced $5,000 and $10,000 dependent life insurance plan, as well as two voluntary dental insurance options, and a $20,000 employee-paid life insurance option. Осигуровки самоосигуряващо се лице 2024