Enrollment Changes and Reminders
Benefits Open Enrollment is the one time of the year you can update your Thompson Thrift benefits.
To ensure you have the coverage you and your family need in 2024, take the time now to review the information on this page and in the 2024 Benefits Guide. This will inform the actions you need to take before midnight on November 15 when enrollment closes to lock in your benefits for next year. Once the enrollment period closes, your elections are final and cannot be changed. Make sure you don’t miss out on the coverage you need, take a few minutes right now to get up to speed, determine what you need to do, and make a plan to get it done before midnight on Wednesday, November 15.
HOW TO ENROLL:
- Log in to your ADP account through Okta
- Make your elections
2024 HEALTHY LIFESTYLE REQUIREMENT:
Thompson Thrift encourages team members to live a healthy lifestyle. In support of this, the company offers reduced medical rates to team members who complete a healthy lifestyle requirement each year. For 2024, you can qualify for the reduced medical rates by completing an annual physical and biometric screening through Marathon Health between December 1, 2023, and March 1, 2024. Team members who complete the requirement will automatically receive a Screening Incentive credit on their paycheck that offsets the standard medical rates and reduces the amount you pay down to the lower Healthy Lifestyle premium. Don’t miss out on your opportunity to save, schedule your appointment with Marathon Health today.
HAVE QUESTIONS?
The Thompson Thrift Benefits Help Desk is here to assist you. Please contact them by phone at 877-373-6535 or by email at benefitshelpdesk@epicbrokers.com.
Key Changes for 2024
PREMIUM RATES
No rate increases for 2024! We are excited to announce that the current premium rates for all the plans will carry over to 2024 and will not change.
This is big news, especially for the medical plan. Data shows that nationally medical costs are increasing at an average rate of 6.5% and prescriptions costs are higher than that at 9.5%. So, most of your friends and family will most likely see significant premium increases in 2024. But thanks to the work you’ve done to live a healthy lifestyle and the work the company has done to support your health – we are able to keep our rates flat for next year.
VISION COVERAGE
You will see three enhancements to the vision plan for 2024 while continuing to pay the same premium:
- Frames
- Benefit increasing from $120 to $200.
- Frequency improving from once every 24 months to once every 12 months.
- Contact allowance benefit increasing from $120 to $200.
HEALTH SAVINGS ACCOUNT (HSA)
Annual IRS contribution limits increasing:
- Individual contribution limit will be $4,150.
- Family contribution limit will be $8,300.
- 55+ catch-up limit will be $1,000.
FLEXIBLE SPENDING ACCOUNTS (FSA)
INCLUDES BOTH THE HEALTHCARE AND DEPENDENT CARE ACCOUNTS
Administration of the FSA will be moving from Bri to UMB. UMB is the current vendor for the HSA. Consolidating administration for the two plans with one vendor will reduce complexity for team members who participate in both plans and allow them to see all their information in one location.
The IRS has also indicated that they intend to increase the contribution limit. However, as of the printing of this document, they have not published the limits for 2024. We will communicate this information as soon as it is available.