The 2020 premium rates for the WELS VEBA Group Health Care Plan will increase by 2% for all plan options over the current 2019 rates. This will mark the second consecutive year in which the WELS VEBA health plan rates have increased by 2%. The WELS VEBA health plan has experienced better-than-expected claims costs and investment returns over the past 18 months, which has allowed the WELS VEBA Commission to limit the 2020 rate increase to 2% while maintaining adequate reserves.
The deductibles for WELS VEBA Plan 3 will increase to $2,800/individual and $5,600/family per IRS regulations to remain qualified for use with a Health Savings Account. No other changes to cost-sharing amounts (e.g. deductibles) or covered services are expected for the 2020 plan year.
In addition, the WELS VEBA Commission has approved a full open enrollment that will run from November 1, 2019 through December 2, 2019 for coverage effective January 1, 2020. All eligible workers will have the opportunity to enroll for new coverage or make changes to their existing WELS VEBA coverage. Open enrollment materials will be mailed to eligible workers in late-October.
Please carefully consider this opportunity to enroll in WELS VEBA, as a full open enrollment is not guaranteed to be offered every year.