Review New Health Plan Options for 2024

Cartoon person holding magnifying glass, reviewing a checklist of options.

Open Enrollment is October 16-27, 2023

Benefits changes can be made online from Oct. 16 through 5 p.m. Oct. 27. No action is required if you want to keep your current benefits. Flexible Spending Accounts (FSAs) require re-enrollment each year to continue participation.

Save the date:

Visit the Open Enrollment page for the latest information

New Health Plan Options for 2024

Medicare Advantage Plans for Retirees and Survivors 

For Medicare eligible retirees and survivors, enhanced Medicare Advantage Plans will replace Medicare supplemental plans January 1, 2024.

Important notes:

  • Copays will be the same, in some cases less, than the supplemental plans.
  • Provides the same coverage but includes added benefits like Silver Sneakers.
  • Most of the providers you currently see accept Medicare Advantage, but be sure to confirm before selecting your health plan.  

Services will be provided by:

  • PHP - Michigan Care Advantage
  • BCN - U-M Premier Care Advantage
  • BCBS - Medicare Advantage PPO

Learn more about Medicare Advantage Plans and register for an upcoming webinar

Consumer-Directed Health Plan with Health Savings Account

The university is offering a new, Consumer-Directed Health Plan (CDHP) with a Health Savings Account (HSA). The CDHP covers the same medical services as other plans, including no out of pocket costs for preventive care and screenings. 

If you are generally healthy and don't need to visit your health care provider often, choosing the CDHP can save you money. 

While it has the lowest monthly premium cost, you may incur higher out-of-pocket costs depending on the amount of care you need. 

When paired with a Health Savings Account (HSA), the CDHP provides flexibility in how you spend and save for your health care. With an HSA, you can put away money for future healthcare costs while saving on taxes. When you enroll in the CDHP, you’re also automatically enrolled into an HSA.

Financial hardship created from the costs for the deductible and out-of-pocket maximum is not a qualifying event to change plans.

Consider the Consumer-Directed Health Plan if you:

  • Want lower monthly deductions from your paycheck in exchange for higher out-of-pocket costs at the time of care.
  • Can afford to cover the deductible and out of pocket maximum if an unexpected medical expense arises.
  • Are generally healthy and do not have significant ongoing medical needs or costs.
  • Want pre-tax savings to pay for eligible medical expenses with an HSA.

Learn more about the Consumer-Directed Health Plan and register for an upcoming webinar

Things to Consider

Before Open Enrollment begins, consider the following while reveiwing your health plan options:

  • All the costs involved (including both premiums and out-of-pocket expenses like deductibles, coinsurance and copays).
  • The plan’s service areas and access to your preferred doctors and hospitals. 
  • The anticipated health needs for you and your covered dependents.
  • Your financial needs over the next year.

View Your 2024 Rates

Each benefit plan has its own rate structure. Your individual monthly plan rates are available on Wolverine Access:

  1. Go to Wolverine Access
  2. Select the Employee Self-Service tile
  3. Select the Benefits tile
  4. Click the Display Benefit Plan Rates tile. Current rates will be displayed at the top; scroll down to view your 2024 rates.

Learn more about U-M Health Plans.

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