July 1, 2024 Changes
MEDICAL
No change in insurance premiums. The college absorbed this year's small increase to the overall cost of our self-funded plan allowing employe health care premiums to remain the same.
In vitro fertilization, gender affirming care services, and travel and lodging for medical services, as applicable, were added to the medical plan design.
- Additionally, the college is developing a policy to provide financial assistance (up to $3,000) with adoption expenses. In PA, this is considered a taxable benefit.
DENTAL
No change in insurance premiums or plan design for both the Low Option and High Option plans.
VISION
No change in insurance premiums or plan design.
FLEXIBLE SPENDING ACCOUNTS
The college will transition from HealthSmart to Ameriflex for the administration of our flexible spending account program. Ameriflex will issue new declining balance cards to all participants in June.
Health Care Flexible Spending Account
The annual election amount is increased to $3,200 to coincide with IRS regulations and covers out of pocket health care expenses. Contributions should be planned carefully based on predictable medical, prescription drug, dental and vision expenses, because the Internal Revenue Service (IRS) requires that any money left unclaimed in your account at the end of the plan year's "grace period" (September 15) be forfeited.
Dependent Care Flexible Spending Account
The annual election amount remains unchanged at $5,000 or up to the total salary of the lowest paid spouse (whichever is less) and covers work related dependent care expenses.
RETIREMENT
Calendar year limits for employee contributions via payroll deduction increased from $22,500 to $23,000 for calendar year 2024. Employees aged 50 and older may contribute an additional $7,500 through a catch-up provision, making the total elective deferral maximum $30,500.