Welcome to the Open
Enrollment edition of

For Your Benefit
Magazine

Once again Open Enrollment season is upon us, and it is time to consider the benefits coverage you will need for the upcoming year. The 2024 Open Enrollment period is fast approaching (October 9–20), and I invite you to take some time to review this edition of For Your Benefit magazine to learn what’s new and what’s changing for next year.

Like many large employers, Pearson will see an increase in costs for 2024. Factors impacting costs include an increase in claim volumes and severity, increased cost in prescription drugs, the rise in general inflation, and continued supply chain delays on various medical technologies. Increases for the medical plans in 2024 are as follows:

• National medical plans administered by Anthem and Aetna — 7.25%
  
  
• Kaiser Northern California — 12%
  
  
• Kaiser Southern California – 12%

For 2024, all medical plans administered by Cigna will not be offered (Cigna DHMO and EAP will continue to be available). To continue to provide meaningful choice and to help mitigate a portion of the noted cost increases, we will be offering new medical plans called Exclusive Preferred Organizations (EPOs) plans, which will be administered by Anthem. Please read the article, What’s Changing in 2024?, to learn more about this coverage under a new network, called the Anthem HPN. These new plans provide in-network-only coverage.

At Pearson Benefits, we are always striving to keep costs manageable while at the same time reviewing current coverage as the medical landscape changes. Please see What’s Changing in 2024 where you will find news about Critical Illness, Hospital Indemnity and Accident insurance coverages, all of which are seeing a decrease in cost and an increase in the scope of coverage.

Be sure to review the Open Enrollment article, where you will find helpful reminders about enrollment including:

• Making elections each year for Health Savings, Flexible Spending and Commuter/Parking accounts
  
  
• Waiving coverage if you do not want to participate in Pearson benefit plans next year
  
  
• Tips on preparing to enroll, enrollment for new hires and how to get assistance if you need it

Lastly, the benefits team will host webinars to explain the changes in detail and answer any questions you may have. As always, you can visit the Pearson Benefits website 24×7 for more specific plan details and coverage information. Thank you for taking time from your busy day to get up to speed on your 2024 options so you can make informed benefit decisions for you and your family.