At Capital One, our goal is to provide you with a benefits package that supports your total well-being, allowing you and your family to feel healthy all around—physically, emotionally, financially, and socially. Our comprehensive and inclusive benefits are designed to give you the choice and flexibility to support your individual needs. Each year, based on your feedback, we are able to evolve our benefits program to better support you, our associates.
- Improved access to mental health care: We are enhancing our mental health coverage, so you can now see out-of-network mental health providers at a lower cost. From your feedback, we know how important it is to be able to care for your mental health and emotional well-being, and we have made this a top priority as we continue to build and evolve our Total Rewards package.
Looking at the current mental healthcare environment, we've seen an increased demand for these services, while at the same time seeing fewer and fewer mental health providers accepting insurance. This has made it more difficult to find timely care, as well as to ensure your provider is the right fit for you and your specific situation. As part of our commitment to providing access to high-quality, affordable care, we are making this enhancement to ensure you have options that allow for choice and flexibility to meet your individual needs, and that make it easier to use our benefits when you're ready to do so.
Beginning January 1, 2024, under the Basic or Enhanced PPO plans, you will be able to see any licensed mental health care provider for covered in-person or virtual office visits without having to meet the in-network or out-of-network deductibles.* For both PPO and CDHP participants, you will be reimbursed based on billed charges as opposed to other out-of-network services, where you may be charged the difference between Anthem's allowable amount and amount billed. Please note that out-of-network co-insurance will apply and you will be responsible for completing an out-of-network claim form in order to be reimbursed.
*Deductible will be waived for those enrolled in a PPO plan. Those in the CDHP will still be responsible for in- and out-of-network deductibles.
- CDHP family deductible increasing: The IRS requires an increase to the family deductible for Capital One's Consumer-Driven Health Plan (CDHP) + Health Savings Account (HSA) for 2024 in order to remain compliant. The in-network family deductible will be increasing from $3,000 to $3,200. The individual in-network deductible will remain the same at $2,000, and the out-of-network deductibles will also remain the same at $4,000 for individuals and $6,000 for families.
- Increased FSA & HSA contribution limits: Each year the IRS sets Health Savings Account (HSA) and Flexible Spending Account (FSA) contribution limits. For 2024, the limits, which include Capital One's contribution, are as follows:
- The Health Care Flexible Spending Account (Health Care FSA) contribution limit is $3,050 for 2024.
- If you have unused funds in your 2023 Health Care FSA, you can carry over up to $610 to your 2024 Health Care FSA, which will be added to your available 2024 balance. To be eligible to carry over funds, you must re-enroll in the Health Care FSA for 2024 during Open Enrollment.
- The Health Savings Account (HSA) contribution limit is $4,150 for individual coverage and $8,300 if you cover dependents on the CDHP. The catch-up contribution for associates age 55 and over remains the same at an additional $1,000.
- The Dependent Care Flexible Spending Account (Dependent Care FSA) contribution limit will remain at $5,000.