Each fall employees must review and submit a benefits enrollment election, even if opting out of Colby benefits, for the upcoming plan year (January 1 – December 31). For 2024 benefits, the enrollment period opens on November 13 and closes on November 27.
Benefits Enrollment made easier!
The benefits guide is an easy way to learn about specific benefit choices that appeal to you. It’s interactive, which means you decide which pages you want to view at the click of a button. Learn what’s new for 2024 and how your benefits work. We hope the easy-to-use format helps you learn more about making your 2024 benefit choices for yourself and your family. To view the guide, click here.
View the benefits overview video to learn more about your 2024 benefit options! To view the video, click here.
PLANselect is a tool that will help you pick the best value health plan option given your medical needs. The proprietary algorithm provides a personalized financial analysis and recommendation, considering both premium and expected out-of-pocket costs (co-pays, etc.), as well as other important plan features. To access PLANselect, click here.
Resources for Completing Benefits Enrollment in Workday:
We are pleased to announce the following changes beginning January 1, 2024:
- Domestic partners and their dependents (if applicable) will be eligible for coverage. Domestic Partnership as defined for coverage under Colby’s group plans is a person of the same or opposite sex as the subscriber, neither of whom is married to another person, who can demonstrate shared financial obligations, shared primary residence, and shared responsibility for the welfare of the subscriber.
- Three new voluntary benefits will be offered to provide additional coverage in the event of unexpected medical expenses related to critical illness, accident, and hospitalization.
- The voluntary Vision Service Plan (VSP) allowance will increase to $200 and LightCare benefits will be added. LightCare allows covered members to use their $200 allowance on non-prescription sunglasses or blue light filtering glasses.
- Pay bands are adjusted to reflect more closely to the current market, with continued differentiation on medical care premium rates based on pay band level.
- Parental leave benefits will increase to six weeks of paid leave for the birth or adoption of a child, expanded from the current four-week leave. In addition, the waiting period for eligibility will be reduced from two years to one year.
- Opt out credit increases from $60/mo to $80/mo.
With an overall medical plan rate increase of 9.25% (or approximately $1.3M) for 2024, the College will be absorbing approximately 97% of this cost increase to limit the impact to plan participants. The new employee contributions are listed below. Colby’s annual contributions to the HSA program will remain at $1,250 for single coverage and $2,500 for family coverage (legal spouse and/or children).
- HSA maximum contributions increases to $4,150 for single coverage and $8,300 for family coverage.
- Health Care FSA and Limited Purpose Flexible Spending Account maximum contributions increase to $3,200.
- A lifetime fertility benefit of $30k was added to medical plans in 2022.
- Burnalong live and on-demand virtual wellness and fitness classes.
Important Note: medical, dental, and vision contributions for domestic partners and their children are after tax. Fair market value of Colby’s contribution to coverage for domestic partners and their children is taxable to the employee.
For a complete side-by-side outline of coverage, view Colby’s 2024 Plan Comparison Chart.
|OAP(500)||OAP(1250)||Choice Fund with HSA|
|Colby Contribution to HSA||No||No||Yes*|
|Deductible||In-Network: $500 / $1,000||In-Network: $1,250 / $2,000||In-Network: $2,000 / $4,000|
|Coinsurance||In-Network: 20%||In-Network: 20%||In-Network: 20%|
|Out-of-Pocket Maximum||In-Network: $3,500 / $7,000||In-Network: $4,000 / $8,000||In-Network: $3,500 / $7,000|
|PCP Office Visit||Tier 1: $30 / Tier 2: $50||Tier 1: $30 / Tier 2: $50||Deductible & Coinsurance|
|Specialist Visit||Tier 1: $35 / Tier 2: $55||Tier 1: $35 / Tier 2: $55||Deductible & Coinsurance|
*HEALTH SAVINGS ACCOUNTS: Colby will contribute $1,260 (over 12 months) to your HSA account if you select employee-only coverage or $2,508 (over 12 months) if you cover your legal spouse and/or children. In the case where a legal spouse and/or child(ren) are not covered under family coverage, Colby will contribute at the employee-only rate.
Important Note: HSA funds may not be used for domestic partners or their children unless they are considered dependents of the employee for tax purposes.
2024 Medical Monthly Rates
|Employee Only||Employee +1||Employee + Family|
|$55,000 and under||$28||$214||$283|
|$55,001 to $90,000||$56||$317||$428|
|Employee Only||Employee +1||Employee + Family|
|$55,000 and under||$22||$186||$252|
|$55,001 to $90,000||$46||$274||$380|
|Employee Only||Employee +1||Employee + Family|
|$55,000 and under||$15||$124||$187|
|$55,001 to $90,000||$26||$192||$301|
Colby is pleased to offer voluntary dental insurance through Northeast Delta Dental. Benefit eligible employees will have the option to enroll in dental benefits for themselves and their dependents.
- NO Waiting Period for coverage
- NO Office Visit Co-pays
- Diagnostic & Preventive covered at 100% with NO deductible
- Includes cleaning visits
- Covered services here do not accrue to your $1,500 annual maximum
- Basic Restorative covered at 80% after deductible
- Includes fillings, oral surgery, root canals, periodontal cleanings
- Major Restorative covered at 50% after deductible
- Orthodontics for both children & adults covered at 50% up to $1,500 with NO deductible
- Ability to choose your dentist of choice
For the complete Outline of Coverage, click here.
Dental Monthly Rates
|Coverage Level||Total Premium||Colby Portion||Employee Portion|
|Employee + 1||$97||$65||$32|
If you would like to participate in the Vision Plan through VSP, you need to re-enroll every year. The monthly rates for 2024 will remain at: $8.74 for employee coverage or $18.78 for family coverage.
- Eye Examination – $10 copay then 100%
- Lenses – $25 copay then 100%
- Frames – Up to $200 allowance plus discounts off balance over allowance
- NEW in 2024 – LightCare benefits allow covered members to use the $200 allowance on non-prescription sunglasses or blue light filtering glasses
- Contact Lenses – Copay up to $60 maximum, then $180 allowance toward contact lenses. Mail-in rebate offers are also available on select Bausch+ Lomb and ACCUVUE brand contacts. For more details, click here.
- Discounts on all non-covered lens options, and complete pairs of prescription and non-prescription glasses, including sunglasses
- Out of Network options are available – for example eye exams are reimbursed up to $45, single vision lens up to $30, lined bifocal lens to $50, lined trifocals to $65, frames to $70, and contact lenses up to $105
- Find participating network doctors
- VSP Vision Benefits Summary
Flexible Spending Accounts
If you would like to participate in a Flexible Spending Account (FSA) for health or dependent care, remember you need to re-enroll in these every year. Provisions of the Affordable Care Act (ACA) include a reduction in the allowable limits for a health FSA.
- Health FSA limit for 2024 will remain at $3,050
- Dependent-care FSA limit remains at $5,000
- Debit cards are available beginning January 1, 2024
Important Note: FSA funds may not be used for domestic partners or their children.
REMINDER: The CARES Act expanded health spending accounts for certain over-the-counter drugs and medicines. For a list of eligible expenses, visit the FSA Store here.
If you enroll in the Cigna Choice Fund (HSA), you may choose to contribute to a Limited Purpose Medical Flexible Spending Account. For more details, click here.
Life insurance rates remain the same for 2024. Keep in mind that your contributions toward optional life insurance will change when you enter a new age group.
|Coverage Level||<30||30 – 34||35 – 39||40 – 44||45 – 49||50 – 54||55 – 59||60 – 64||65 – 69||70 – 74||75+|
Help protect yourself from unexpected medical costs. If you and your family are active, chances are, you’re no stranger to a hospital emergency room. Even with medical insurance, a fall while bicycle riding or your child’s sprained ankle at soccer practice can cost you a bundle in out-of pocket expenses. Cigna Accidental Injury Insurance provides financial support to help get you back on your feet.
- Cigna pays you cash benefits based on covered injuries, treatments and services.
- Payments go directly to you, and can help pay for other expenses, like traveling to the hospital, child care, and lost income from missed work.
- “Organized and Personal Sports Activity” benefit pays you an extra 25% cash benefit for each accident when you or your family is injured while playing an organized or personal sports activity.
- This benefit also comes with a $75 wellness benefit paid per covered person, once per year, who completes a wellness visit, health screening benefit, or preventive care service.
- View Benefit Summary
Accident Insurance Monthly Rates
|Employee + Spouse||$24.02|
|Employee + Child(ren)||$27.78|
Critical Illness Insurance
Health care costs are on the rise. Even with medical insurance, you’re often still responsible for both medical and non-medical expenses related to your recovery from a serious illness. The cost you pay for co-pays and deductibles, as well as other expenses such as child care, transportation to the doctor, and loss of income when you are unable to work, could really set you back financially. Help protect your savings with Cigna Critical Illness Insurance.
- Complements your medical plan — no matter what type of coverage you have.
- Pays you cash benefits based on each eligible diagnosis such as a heart attack, stroke, or cancer.
- Pays a benefit for dozens of illnesses, as well as offering a benefit for a reoccurring condition.
- The cash benefits are paid directly to you, so you decide how to use them.
- This benefit also comes with a $75 wellness benefit paid (per covered person, once per year) who completes a wellness visit, health screening benefit, or preventive care service.
- View Benefit Summery
Critical Illness Insurance Monthly Rates
|Age||Employee Rate||Family Rate*|
Hospital Care Insurance
If you become seriously ill or injured, it’s likely you will have a hospital stay. It may be a little scary, as well as expensive. While medical insurance may cover the hospital bills, there can also be non-medical expenses such as transportation to medical treatment or additional child care, which could be considerable. Cigna Hospital Care Insurance helps protect you and your family from unexpected expenses.
- Hospital Care Insurance supplements your medical plan — no matter what type of other coverage you have.
- You receive cash benefits based on your covered sickness or injury, treatments, and services.
- The cash benefits are paid directly to you and can be used for any purpose — from covering medical co-pays and deductibles to paying for everyday expenses such as the mortgage, groceries, and utilities; you decide how to use them.
- View Benefit Summary
Hospital Care Insurance Monthly Rates
|Employee + Spouse||$34.17|
|Employee + Child(ren)||$19.52|
DOMESTIC PARTNER COVERAGE – NEW IN 2024: Domestic partners and their dependents are now eligible for participation in Colby’s insurance plans.
Important Note: medical, dental, and vision contributions to premiums for domestic partners and their children are after tax. Fair market value of Colby’s contribution to coverage for domestic partners and their children is taxable to the employee.