Benefits Enrollment Resources

If Team Members do not take action during the annual open enrollment period, their current benefit elections will continue at the new 2024-2025 rates for the 2024–2025 plan year.

Team Members can only change their benefit elections outside the annual open enrollment period if they experience a qualifying life event. For more information about Qualifying Life Event, please visit this link: Change in Status.

Team Members will have the opportunity to make Flexible Spending Account (FSA) and/or Health Savings Account (HSA) elections in October 2024 for the 2025 calendar year. Outlined below are scenarios that might apply to Team Members.

Slight Cost Increases

• Health care costs continue to rise. We’re committed to providing you with high-quality services with a range of medical plans to fit your needs. This year, you’ll see changes to deductibles, out-of-pocket maximums, coinsurance, and copays for the BCBSTX Enhanced PPO and Choice HSA plan. You’ll also see varying increases to premiums on all medical plans. We continue to share the cost of health care for you and your family, with Michaels absorbing approximately 75-80% of the cost of coverage.
• Wellness and tobacco surcharges will increase from $25 per paycheck to $30 per paycheck. Make sure Team Members and their covered spouse/domestic partner complete a preventive wellness exam between July 1, 2023, and June 30, 2024. They’ll avoid a $30 per paycheck surcharge per person on their medical premiums. If they are enrolled in a Michaels BCBSTX plan, they also have the option to use VirtualCheckup through Catapult Health.
• Team Members can use the eValuate tool to choose the medical plan that makes the most sense for them and their families. The more Team Members know about the available choices, plans, and features, the easier it is to select and use their benefits wisely.

Prescription Drugs

New! For no additional cost, eligible Team Members can take advantage of the Specialty Drug Split-Fill program to try a partial quantity of a newly prescribed specialty drug before the full month’s supply is filled.

Hospital Indemnity

New! Eligible Team Members have the option to enroll in Voluntary Hospital Indemnity coverage that pays a direct cash benefit in the event of a hospital stay.

Pet Insurance

New! Eligible Team Members can enroll in Wishbone pet insurance. Premiums can be paid with a credit card.

Team Members can avoid surcharges and higher premiums for medical coverage by fulfilling the wellness exam requirement and qualifying as tobacco-free.

• The wellness surcharge is $30 per person, per paycheck. To avoid this surcharge for 2024–2025 plan year, Team Members (and, if covered, their spouse/domestic partner) will want to make sure they complete an annual physical exam between July 1, 2023 and June 30, 2024. Team Members enrolled in a BCBSTX medical plan also have the option to complete their wellness exam requirement by using the VirtualHealth Checkup through Catapult Health, and there is no charge for this service.
• The tobacco surcharge is $30 per person, per paycheck. To avoid this surcharge for the 2024–2025 plan year, Team Members (and, if covered, their spouse/domestic partner) must be tobacco-free for at least six months leading up to the date they enroll in benefits. Tobacco cessation programs are available to team members free of charge through any Michaels medical plan.

For more detailed information and instructions on how to ensure these surcharges don’t apply to them, Team Members can visit this link: Wellness Programs & Surcharges.

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