We continually review the benefits we offer to make sure they’re competitive and cost-effective. Our last review led us to changes that reflect our commitment to equality and to keep up with the rising cost of health care.
What’s New for 2023
Medical and Prescription Drugs
- We’ve made moderate increases to payroll deductions for 2023. On average, ITW pays over 80% of the premiums of health care benefits for our employees. We continue to offer lower Living Well at ITW rates to help you save.
- Our PPO and HealthSaver medical plans offer new fertility coverage.
- The Assisted Reproductive Therapy (ART) program with Blue Cross Blue Shield covers diagnosis and treatment of infertility and includes up to four retrievals and two more after a live birth.
- CVS Caremark includes coverage for fertility prescription medications subject to regular plan rules up to $20,000.
- Blue Cross Blue Shield Benefits Value Advisors are ready to assist employees and family members with any questions about covered procedures, costs and providers after January 1, 2023 at 1.800.325.0320.
- If you’re enrolled in an ITW medical plan option, eligible travel expenses are covered for any eligible
in-network medical service not available within 100 miles of your home address. You’ll be reimbursed for lodging, transportation and companion travel up to IRS limits.
- For more information or answers to specific questions, please contact a Blue Cross Blue Shield Benefits Value Advisor at 1.800.325.0320.
Dental
It’s been years since we made substantial changes to our dental plan, so now our coverage aligns with the latest American Dental Association (ADA) guidelines. Here are some of the most important changes:
- We’ve increased the number of in-network dentists and specialists.
- We’ve added more coverage for certain services like implants and sealants.
- Preventive care does not count toward the annual plan maximum.
Dental plan payroll deductions decreased slightly.
Accounts
The maximum annual contribution for a Health Savings Account (HSA) — which you can elect if you are enrolled in the HealthSaver Plan — increased to $3,850 for individual coverage or $7,750 if you cover one or more family members, as determined by the IRS. If you are age 55 or older in 2023, you can also make $1,000 in catch-up contributions. The maximum amount you can contribute to a Health Care Flexible Spending Account (FSA), as determined by the IRS, increased to $3,050.