Open enrollment is here! Annual enrollment for 2024 benefits will take place from Sunday, Oct. 1 through Friday, Oct. 13.
What is Open Enrollment?
Open enrollment is a time to choose insurance benefits or make changes to current election benefits for 2024. There are a few big changes happening, and we want to make sure you have access to important information to make the best decision for you and your family.
Three Big Changed
- Life insurance benefits are changing. Dependent basic term life/basic accidental death and dismemberment (AD&D) insurance coverage is ending. You may be able to enroll your dependents in voluntary term life insurance and/ or voluntary AD&D. There are also changes to voluntary term life insurance options for employees and dependents. Go to the Additional Benefits section for details.
- New in 2024 – Basic term life/ basic AD&D insurance. The state will pay 100% of the premiums for employee basic term life/basic AD&D insurance.
- New in 2024 – Basic term life. Designated beneficiaries will receive 1X the employee’s base annual salary rounded to the next highest thousand ($50K minimum/$250K maximum, except when reduced at age milestones). Employees may opt to decrease coverage to $50,000 to avoid imputed income, as outlined in IRS publication 15B.
- Basic AD&D: Employee coverage will be 1X basic term life insurance coverage. Basic term life/basic AD&D coverage amounts decrease at ages 65 and over.
- Important! Dependent basic term life/basic AD&D coverage will end after Dec. 31, 2023. Employees may be able to enroll your dependents in voluntary term life and/or voluntary AD&D insurance. See voluntary term life and voluntary AD&D sections for more information.
- Spouses losing the $3,000 of basic term life coverage can choose to enroll for voluntary spouse term life in the amount of $5,000 without answering health questions (guaranteed issue). Voluntary child term life insurance in the amount of $5,000 or $10,000 can also be added to an employee or spouse’s voluntary term life certificate without answering health questions.
- Employees enrolled in voluntary AD&D insurance can add dependent coverage.
Long Term Disability
- Long-term disability: Replaces a percentage of your income during a disability that is expected to last longer than 90-180 days.
- New in 2024 – The state will pay 100% of the premiums for long-term disability insurance for state and higher education employees. Employees who use this benefit will receive 63% of their monthly salary*, up to 10K per month, following a 90-day waiting period. *The maximum covered monthly salary is $15,873.02.
- All eligible employees will automatically be defaulted into LTD option 3 in Edison for coverage effective on Jan. 1, 2024. This is guaranteed issue coverage and employees won’t have to answer medical questions.
- Coverage cannot be waived because it is 100% employer paid.
- LTD coverage options 1, 2 and 4 are also available, but employees are responsible for 100% of the premium.
- More details for employees who are currently off work on an LTD claim, what happens if you file a claim in 2024, tax implications and how time enrolled in current state or higher education LTD plans apply are available on the Disability webpage.
- Disability insurance premiums adjust as of Oct. 1 if your salary is greater on Sept. 1 compared to the prior Sept. 1.
- Cigna Dental HMO rates are increasing by 2.5%. You must use a network dentist to receive benefits under this plan.
- Delta Dental PPO rates are increasing by 1%. You can use any dentist but you will receive maximum benefits when visiting an in-network dentist.
- New for 2024 – The state will pay 50% of the dental premiums for either plan you select.