It’s our mission to ensure that our benefits options allow you and your families the opportunity to live full and healthy lives. That’s why, for 2024, we are making updates to ensure our benefits package is affordable and sustainable.
This past year has been especially challenging for Arkema due to increases in health care costs. In the first half of this year, we saw a 34% year over year increase in health care payments per covered person. We’ve experienced cost increases driven mostly by catastrophic medical conditions like cancer, heart disease, musculoskeletal issues, and diabetes.
Arkema is committed to paying for these expenses because that’s why the plan is there—to offer you financial security and protection against catastrophic expenses. However, based on the increases we have already seen and anticipated increases in medical and pharmacy cost of 15% for 2024, we have had to make the difficult decision to increase your cost to ensure our plans remain sustainable while Arkema still covers the majority of your cost of coverage.
As we navigate these changes together, it’s important to remember that controlling costs is a partnership between you and Arkema, and we are committed to providing you the tools you need to keep your medical plan affordable. Now more than ever, we encourage you to take advantage of the premium discounts offered through the Well-Being Matters program administered by Castlight. Prioritize your wellness so you don’t need to make time for your illness. In addition, be sure to explore the tools provided to take care of yourself and your dependents.
Explore Money-Saving Tips
Arkema is committed to providing opportunities for you to reduce or plan for your medical expenses. Consider looking into these options to reduce your costs and contribute to a community of healthy Arkema employees. In addition to these tips, you can consider your options for medical coverage under your spouse’s medical plan, if applicable.
| Managing Plan Costs | Managing Out-of-Pocket Costs |
|---|---|
| Participate in Well-being Matters | Think About Alternatives to the Emergency Room for ‘Minor’ Emergencies: |
| Earn your medical plan premium reduction by doing tasks that benefit you, like prioritizing preventive care, knowing your numbers, and getting a health assessment. | Consider all your options when receiving care to make sure you get the right care at the best cost. You have access to:
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| Consider Enrolling in the Aetna Choice POS II CDHP with HSA (“CDHP”): | Open Flexible Spending Accounts to Pay Anticipated Expenses with Pre-tax Dollars: |
This medical plan features:
To make sure you’re prepared for medical expenses, consider contributing the difference between the CDHP and PPO premiums to your HSA. Visit the Medical page to review specific scenarios and see how much you may save by choosing the CDHP. |
There are three Flexible Spending Accounts that can save you money:
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| Receive Routine Preventive Care and Screenings: | Activate Your Rx Savings Solutions Account: |
Regular preventive care such as annual physicals and age-appropriate screenings can save money in the long-term by:
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The Rx Savings Solution Account can identify cost savings opportunities for your prescriptions at no cost to you. Since the program’s launch last year, Arkema employees have saved over $90,000. This is available to you and your family members enrolled in an Arkema medical plan. |
Explore Benefit Plan Changes
- 2024 Medical and Prescription Plan Design Updates: We are making several changes to keep your paycheck contributions low while still keeping your benefits competitive. You will see increases to the medical plan deductibles and out-of-pocket maximums for both plans as well as an increase to the separate PPO prescription drug plan out-of-pocket maximum. The chart below shows the details of these changes. For more information about your medical plan coverage, visit the Medical page.
2024 CDHP with HSA 2024 PPO In-Network In-Network Deductible $1,800 individual / $3,600 family $750 individual / $1,500 family Out-of-Pocket Maximum Combined medical and prescription drugs: $4,000 individual / $8,000 family Medical: $3,000 individual / $6,000 family
Prescription drugs: $2,000 individual / $4,000 family (increased from 2023) - 2024 Health Care Costs: You will see increased contributions for our medical and prescription plans, reflecting rising costs. Arkema continues to pay the majority of the cost of your coverage and is sharing this increase with you. Because claim data shows that spouses’ claims are higher than employees’ or children’s, the cost of coverage tiers that include a spouse will reflect a slight increase. Arkema does this as an alternative to a spousal surcharge. If your spouse has a benefit plan available to them through their own employer, please consider coverage under that plan as an alternative as this may be a lower cost option. Please see the 2024 Rate Sheet for detailed information about your per pay period medical plan contributions.
- Updates to our Well-being Matters Program through Castlight: The Well-being Matters program empowers Arkema employees and their spouses to prioritize their health and earn rewards doing it! This year, we’re making a few exciting updates:
- We are increasing the number of points you earn for many activities, including the Quest Screening, Health Assessments, and Preventive Screening. If you complete these three activities, you will only need to earn 200 additional points to get to 2,000!
- If your spouse is covered under your Arkema medical plan, you can each earn separate $400 reduction for earning 2,000 points, for a combined maximum of $800. You no longer need to both reach 2,000 points to earn any reduction.
- The value of the Amazon gift card you can earn after getting at least 2,500 points is increasing from $40 to $50.
Your Medical Plan Premium Reduction
Be sure to complete 2,000 points by November 1, 2023, to earn a $400 discount on your medical plan contributions for 2024. If you do not enroll in an Arkema medical plan, you can get $200 added to a paycheck in early 2024. If you were hired after June 1, 2023, you’ll automatically earn your discount for 2024 without earning points, though you may still earn points toward sweepstakes and an Amazon gift card after you reach 2,000 points.
Learn more on the Well-being Matters page.
- 2024 Dental Plan Design Updates: The annual benefit maximum will increase to $2,000 for all in-network and out-of-network care. Last year, we increased the annual benefit maximum for services provided by PPO dentists only. This year, we are extending the increase in the annual benefit maximum to those using premier network and out-of-network dentists. Delta Dental continues to have the largest, most extensive network for our employee population based on recent market comparisons we have done. They will also be doing additional network assessments in a bid to maintain their strong networks.
- 2024 Dental Plan Costs: Dental plan contributions will also increase for 2024. Please see the 2024 Rate Sheet for detailed information about your per pay period Dental contributions. They continue to remain competitive with industry benchmarks.
- Prevention and Mammogram Coverage for High-Risk Patients: Because we believe strongly in supporting preventive screenings, we are adding 100% coverage for mammograms (and ultrasounds and MRIs of the breast) for those who are at higher risk and adding BRCA genetic screening at 100% when provided in-network. This means you will not pay for diagnostic mammograms or ultrasounds or MRIs as part of regular screening.
What constitutes high-risk status for mammogram coverage?
You are considered high-risk (and as a result, fully covered for a mammogram) if you have:
- Personal history of atypical breast histologies
- Personal history or family history of breast cancer
- Genetic predisposition for breast cancer
- Prior therapeutic thoracic radiation therapy
- Extremely dense breast tissue based on breast composition categories of the Breast Imaging and Reporting Data System established by the American College of Radiology
- Heterogeneously dense breast tissue based on breast composition categories of the Breast Imaging and Reporting Data System established by the American College of Radiology with any 1 of the following risk factors:
- Lifetime risk of breast cancer of greater than 20%, according to risk assessment tools based on family history
- Personal history of BRCA1 or BRCA2 gene mutations
- Updated Health Savings Account (HSA) Contributions Limits: Your annual contribution to your HSA is limited by the annual IRS maximum on contributions. The 2024 limits are increasing to $4,150 for individual coverage and $8,300 for all other coverage levels. Remember, Arkema’s contribution counts toward your annual maximum contribution. See the chart below for details on how much you can contribute.
| Arkema Contributes | You Contribute | Total Maximum Contributions | |
|---|---|---|---|
| You only | $600 | $3,550 | $4,150 |
| All other coverage levels | $1,200 | $7,100 | $8,300 |
Note: If you will be age 55 or older at any time in 2024, you can contribute an extra $1,000.
- Updated Flexible Spending Account (FSA) Contribution Limits: Your annual contribution to your FSA is limited by the annual IRS maximum on contributions. The limit for 2024 will be $3,050, the same limit as 2023. See the Spending & Savings Accounts page for more information about the FSA.
- Expanded ARAG Legal Benefits: Benefits for the ARAG Legal Plan have been expanded for 2024 with a reduction in cost. Visit the ARAG website for details about your coverage.
- Expanded Supplemental Health Benefits: Benefits for Aetna’s Critical Illness and Accident Insurance plans have been expanded for 2024 at the same or lower cost. Visit the Aetna website for more details.
- Expanded Hinge Health Benefits: For 2024, Hinge Health is expanding its offerings to include a preventive program, a pre- and post-surgery physical therapy program, and a women’s pelvic health offering. Visit the Hinge Health website for more information.