Illinois Tech’s annual open enrollment period for benefits will run from Wednesday, November 1, 2023, through Wednesday, November 15, 2023. Changes made during open enrollment become effective January 1, 2024. You are encouraged to attend one of the live in-person or online information sessions on November 1, 7, 8, or 13, 2023, (details are below) to learn about benefit changes for 2024. The first Zoom session on November 1 will be recorded and posted on the HR website’s benefits page following the presentation in case you cannot attend any of the live sessions. Important information, dates, and times to keep in mind can be found below with detailed directions:
- Open enrollment for medical insurance, health savings accounts, dental insurance, and vision insurance is done through Banner Self-Service (via access.iit.edu). The Banner open enrollment tool will be open for elections until 11:59 p.m. (CST) on November 15, 2023.
- Open enrollment for health and dependent care flexible spending accounts is done through WageWorks (www.wageworks.com). WageWorks will be open for selections until 10:59 p.m. (CST) on November 15, 2023 (it closes one hour early due to the time zone difference).
- Open enrollment for life insurance for yourself and eligible members can be done by contacting me directly at firstname.lastname@example.org or 312.567.3353.
- Team members from the Office of Human Resources will be available on November 15, 2023, to answer any of your questions until 5 p.m. (CST).
Open enrollment is the one time of year when benefits-eligible employees can change plans, add or drop coverage, and/or add or drop eligible dependents, unless a qualifying Life Status Changing Event takes place outside of the open enrollment period (examples of qualifying Life Status Changing Events throughout the year include, but are not limited, to birth/adoption of a child, loss of benefits coverage external from the university, change in marital status, etc). Read on to discover more about what’s available to you and your families for 2024. You can also visit our 2024 Benefits Guide.
We are pleased to again offer flu shots on-site and will be offering the new COVID-19 booster shots at the same event. We will also have virtual one-on-one retirement planning sessions with TIAA and Fidelity, as well as a financial wellness presentation by PNC Bank.
- Flu Shot and COVID-19 Booster Event: Tuesday, November 7, from 10 a.m.–noon in the HR Training Room on the 13th floor of the Michael Paul Galvin Tower. You MUST register no later than close of business on Friday, November 3, 2023. Visit the event page for more information and to register.
- One-on-One Retirement Planning Sessions: Virtual sessions are available all day with Fidelity on November 2 and 15, and appointments with TIAA can be scheduled at any time. More information, including how to reserve your session, can be found at the following link.
- Safeguarding Yourself, a Workshop in Identity Protection: November 14, at noon. Additional information can be found in the Illinois Tech Today story. Presented by PNC Bank, Illinois Tech’s business banking partner. Register.
Open Enrollment Informational Sessions
As mentioned above, we are hosting live virtual and in-person benefit presentations. The first session will also be livestreamed, as well as recorded and posted on the HR website benefits page for on-demand viewing throughout open enrollment and beyond. Presentations will be held as follows:
- Wednesday, November 1, at 11 a.m. via Zoom (meeting ID: 81856105833; passcode: 184936). This session will be recorded and available on the HR website benefits page for on-demand viewing following the presentation.
- Tuesday, November 7, at 2 p.m. in the HR Training Room on the 13th floor of Galvin Tower.
- Wednesday, November 8, at 3 p.m. in Conviser Law Center in room CK C25.
- Monday, November 13, at 2 p.m. via Zoom (meeting ID: 89410999086; passcode: 694082).
Those who wish to discuss individual concerns are encouraged to email me at email@example.com to schedule a virtual appointment.
A benefit resources page is available: Do you need benefits information broken down, or don’t know the difference between PPOs, HDHPs, HSAs, FSAs, or DHMOs? A series of short videos on the new benefit resources HR portal page are now available to help (access to this page requires login with Illinois Tech credentials). Videos cover the basics of all of our benefits plans, and most are three minutes in length or less!
Changes for medical, dental, and vision benefits must be made online through Banner Self-Service, accessible through your MyIIT portal. Visit our website for instructions on how to make changes in Banner Self-Service.You can also view a short, 12 minute video on how to make changes by clicking here (passcode: %cxoP%2a). Individuals making changes are strongly encouraged to contact Anjuli Rabindranath at firstname.lastname@example.org or x73398, or myself at x73353 or email@example.com to verify changes have been successful. If you are not making changes, no action is required.
New for 2024
- BCBS Health Advocacy Solutions (HAS), Powered by MyEvive: New for 2024, members now have access to the MyEvive app and website, designed to be an all-in-one platform for their personalized suite of benefits. Members will also be immediately connected to a HAS Advocate when calling Member Services. HAS Advocates can assist with normal customer service concerns, but also provide more comprehensive guidance and support. All Illinois Tech Health Plan members will receive new medical ID cards for 2024 due to this change.
- Livongo Whole Person: Illinois Tech health plan members have had access to the Livongo Diabetes and Hypertension Management programs, but in 2024 will have access to a wider array of tools through this BCBS partner. Livongo will be expanding to add a pre-diabetes program, a weight management program, and a behavioral health program.
2024 Continuing Benefits
Medical—Blue Cross Blue Shield
- There is a 17 percent premium increase to health care premiums effective January 1, 2024, but Illinois Tech is covering the entire cost of this increase. Therefore, there will be no increase to the rates that employees pay.
- We are continuing with the tiered network approach added in 2023 for both plan options. Full details are available on the HR website Health Benefits page.
- For High Deductible Health Plan (HDHP) members on a single level plan, the deductible for Tier 1/BCO is increasing to $1,600 from $1,500. This change is necessary to maintain the option’s status as a qualified HDHP, which is required in order to continue offering Health Savings Accounts (HSAs).
- For HDHP members, the HSA maximum limits increases.
- The combined IRS maximums for HSA accounts will increase to $4,150 for single and $8,350 for family coverage in 2024, plus an additional $1,000 in catch-up contributions allowed for those 55 and over.
- Illinois Tech will continue to contribute to HSAs for HDHP members at the rate of $500 for single, $1,000 for self plus one, and $1,500 for family level plans for the 2023 plan year. Illinois Tech contributions are prorated monthly, with contributions deposited at the end of each month.
- On the fence about the HDHP? Try this HSA vs. PPO calculator to see which plan might work best for you. There are also in-depth videos on the Benefit Resources page (access to this page requires login with Illinois Tech credentials).
- HSAs and Medicare: Individuals enrolled in Medicare, or who expect to enroll in Medicare within the next six months, are prohibited from contributing to HSAs (this includes employer contributions). For additional information, please refer to the HSA Participant FAQs flier, also available on the HR website Health Benefits page in the “BCBS, CVS, and HSA Bank Overview and Highlights” section.
- All members will have access to Health Advocacy Solutions, powered by MyEvive. For additional information, see the “New for 2024” section of this message and the HR website Health Benefits page.
- The Livongo Diabetes and Hypertension Management program will expand to Livongo Whole Person. For additional information, see the “New for 2024” section of this message and the HR website Health Benefits page.
- All members continue to have access to Blue Value Advisor (BVA) and Member Rewards, Hinge Health, Wondr Health, MD Live, Ovia Health, a vision discount program, and Blue 365 Deals.
For complete information on both plans, including plan summaries and rates, and the additional programs listed, please visit the HR website’s Health Benefits page.
There will be no changes to the Delta Dental plan offerings. However, rates are increasing for PPO participants. For complete information on both plans, including plan summaries and rates, please visit the HR website’s Dental Benefits page.
There will be no changes to the EyeMed Vision plan. For complete information, including a summary and rates, please visit the HR website’s Vision Benefits page.
Supplemental Life/AD&D Insurance—BCBS Ancillary (formerly Dearborn National)
There will be no changes to these plans; however, BCBS Ancillary will allow those covered at one time their annual salary in supplemental life coverage to increase to two times their annual salary without evidence of insurability (EOI, or medical underwriting). All new enrollments for employees and/or spouses, and any other increases in coverage for employees and/or spouses will be subject to underwriting. Revisions for self, spouse, and/or dependent children must be submitted to HR via the enrollment form on the HR website’s Supplemental Life page by 5 p.m. on Tuesday, November 15.
Health and Dependent Care Flexible Spending, and Pre-Tax Commuter Programs—WageWorks/Health Equity
- Flexible Spending—Your 2023 selections do NOT carry forward. If you wish to continue health and/or dependent daycare flexible spending, you MUST re-enroll for the 2024 plan year at wageworks.com. WageWorks closes for open enrollment at 11 p.m. (CST) on November 15. The annual maximums for 2024 as of publication of this email are:
- Healthcare Flexible Spending: $3,050 per year per individual (no change)
- Dependent Care Flexible Spending: $5,000 per year per household (no change)
- Please note that HDHP health plan members may only open a Limited Purpose Flexible Spending Account (LPFSA), allowing funds to be used only for dental and vision expenses. HDHP members should select “HSA-Compatible” when making their 2024 FSA election. All others should select “standard coverage.”
- Illinois Tech utilizes the WageWorks online enrollment tool for Flexible Spending Accounts, available at wageworks.com. Once you log onto the WageWorks website, simply follow the prompts for Open Enrollment. If you do not remember your username or password, you can utilize the “Forgot” link and follow the steps for username or password recovery. If you continue to experience difficulty, please contact WageWorks customer service at 877.924.3967, as Illinois Tech does not have access to this information.
- Pre-Tax Commuter Program—There will be no changes to the current plan, and as of the publication of this email the monthly IRS limits remain at $300 for both transit and parking pre-tax elections. Pre-tax commuter elections can be used for transit passes and off-campus parking, and may be made at any time during the year (not limited to Open Enrollment). Orders are due by 10:59 p.m. (EST) on the 10th of the month for the following benefit month (i.e., December orders are due by 10:59 p.m. on Tuesday, November 10).
403(b) Retirement Plan—TIAA and Fidelity
There will be no changes to the current plan. All benefits eligible employees are eligible to participate on an unmatched basis beginning the first of the month following their hire date (or on their hire date if the hire date is the first of the month). Unmatched elections can be added or changed via Banner Self-Service. Those setting up contributions for the first time must also enroll with TIAA and/or Fidelity. Additional information can be found on the HR website’s Retirement Plan page.
On November 1, 2023, the IRS announced an increase to the 403(b) maximum for 2024 to $23,000. The catch-up amount for individuals age 50 and over remains the same; therefore, those individuals may now contribute $30,500 ($23,000 plus the $7,500 catch up amount).
If you wish to contribute the IRS maximum to the 403(b) plan and did not do so in 2023, you will need to complete a new Salary Reduction Agreement form for 2024. Salary Reduction Agreement forms are available in PDF format on the website or in electronic format via Employee Records. Please contact HR if you have trouble accessing the electronic version of the form.
You may change your 403(b) contributions at any time during the year. Most changes can be made via Banner Self-Service; however, those electing the match for the first time must complete a Salary Reduction Agreement form (as a reminder the match is currently temporarily suspended). Please note that the match is NOT automatic. You are responsible for enrolling or updating your selection when you become match-eligible (after one year of service for faculty, or two years of service for staff). You must complete a Salary Reduction Agreement form when selecting the match for the first time.
Employee Assistance Program—TELUS Health (formerly Lifeworks)
There will be no changes to the current plan. TELUS Health remains Illinois Tech’s Employee Assistance Program. This program provides employees and their families voluntary, confidential, and free access to short-term counseling, with operators available 24/7, 365 days a year. Online resources and toolkits cover a wide range of topics that include emotional, physical, and financial well-being, as well as work-life issues. Login for access to articles and videos and to access discounts. The phone number, website, and username/password information can be found on the HR portal’s Employee Assistance Program page (access to this page requires login with Illinois Tech credentials).
Tuition Assistance Program
There will be no changes to the current offerings. Illinois Tech continues to offer various tuition benefits to benefits-eligible employees and their families, and this includes Tuition Remission for the new Coursera degree programs through Illinois Tech. For more information on these benefits and to apply, please visit the HR website’s Tuition Assistance page.
We are pleased to be able to offer preferred pricing on pet insurance through Nationwide. These plans include both medical and wellness options, and reimburse up to 90 percent for veterinary bills including accidents, illnesses, and other conditions. Those interested can enroll or cancel at any time directly through Nationwide. For complete information, including a summary, FAQs, and information on how to access this benefit can be found on the HR portal’s Pet Insurance Benefits page (access to this page requires login with Illinois Tech credentials).
Perkspot—Perks and Discount
Illinois Tech is pleased to offer this program, which offers thousands of perks and discounts. From travel to cell phones to steaming services to groceries, there are more than 30,000 national and local offers available through Perkspot. This benefit even provides preferred pricing for home and auto plans, as well as legal insurance plans. For more information and how to register, please visit the HR portal’s Perks and Discounts page (access to this page requires login with Illinois Tech credentials).
If you have questions regarding Open Enrollment, please reach out to me at x7-3353 (312.567.3353) or via email at firstname.lastname@example.org.