The 2024 premium rates for the WELS VEBA Group Health Care Plan are now available. To find the 2024 premium rates for the plan options available in your area, visit the 2024 health rates page.
The 2024 rates will increase by 11% over the current 2023 rates. The main drivers of the increase are (1) cost inflation for health care services and prescription drugs, and (2) an increased number and severity of high-cost members.
Although the 2024 increase is significant, the increase is necessary for the plan to maintain adequate projected long-term reserves and is in line with average expected increases in health insurance premiums nationwide. It is also important to remember that over the previous five years the WELS VEBA rates increased by an average of less than 3% per year, and $4.2 million in savings was passed on to participating sponsoring organizations during the August 2020 premium holiday.
Due primarily to the high inflationary environment, the VEBA Commission is strongly considering significant plan design changes to be effective January 1, 2025. These changes may include discontinuing the $500/individual and $1,000/family deductibles currently available under Plan 1, and updating the differences in premium rates by geographical area (i.e., rate regions) using improved claims data.
The Plan 3 deductible amounts will increase to $3,200/individual and $6,400/family to remain compliant for use with Health Savings Accounts in 2024. Because of these deductible increases, the Plan 3 premium rates will increase by only 10.1% for 2024. A summary of the most significant changes to covered services effective January 1, 2024 is provided below.
- Disposable continuous glucose monitors will be covered under the pharmacy benefit subject to utilization management.
- COVID-19 testing in a clinical setting, either in-network or out-of-network, will be covered subject to deductible and coinsurance.
- Over-the-counter COVID-19 test kits will be excluded from coverage.
- The COVID-19 vaccine administered out-of-network will be covered subject to deductible and coinsurance.
- Note: the COVID-19 vaccine administered in-network will continue to be covered at 100%.
The WELS VEBA Commission approved a limited open enrollment period this November for new coverage effective January 1, 2024. Eligible workers serving at sponsoring organizations that participate in WELS VEBA will have the opportunity to enroll for new coverage or make changes to their existing WELS VEBA coverage. Limited open enrollment materials will be mailed to eligible workers and sponsoring organizations by the end of October.