From October 9 to October 20, you can enroll in or make changes to your Health & Protection benefits for 2024. The benefit elections you make during Annual Enrollment will be effective January 1, 2024.
These are the changes to your 2024 benefits.
Baker Hughes employees in Hawaii will have one Medical plan in 2024, as required by state law. You can see the details of the new plan here. When you enroll for your 2024 benefits, you’ll see the new plan listed as an option. You will be defaulted into the new plan at your current coverage level if you do not enroll.
Baker Hughes will cover domestic partners under eligible Health & Protection benefits in 2024.
You will be required to submit supporting documentation to verify your domestic partner’s eligibility, just as you do for any dependent. Note: You may add your domestic partner’s children to your benefits, but your domestic partner must also be covered under that same benefit.
To be eligible, you and your domestic partner must meet the following requirements:
Read the Frequently Asked Questions for additional information about domestic partner coverage and eligibility.
Hospital Indemnity insurance provides a lump sum payment if you receive covered hospital care and are confined to a hospital. You can choose from a High or Low plan option, which determines how much you will receive for an eligible claim.
The rates for this coverage can be found when you enroll in your benefits. See further information here.
A new plan tier is being added for the Accident Protection plan. There will be a High plan and a Low plan. While both plan options cover the same services, the High plan pays a higher benefit for covered injuries and care. You can see a summary here.
If you are currently enrolled in the Accident Protection Plan and you do not make an election during Annual Enrollment, your coverage will carry over to 2024 and you will be enrolled in the High plan.
Kindbody provides fertility and family-building services and offers egg/embryo/sperm freezing, IVF, and IUI. Kindbody has convenient and welcoming clinics around the country dedicated to helping patients build their families. To be eligible to participate in this new program, you must be enrolled in a Baker Hughes UHC Medical plan.
Baker Hughes’ in-network infertility coverage is 80% after deductible at Centers of Excellence only, with a $20,000 lifetime maximum. There is no coverage out-of-network.
Hawaii residents are not eligible for Kindbody
Hinge Health is a virtual physical therapy program for back, knee, hip, neck, and shoulder pain. It can be done anywhere, anytime, through an app. The program includes personalized exercises, health coaching to help you reach your goals, and virtual care to ensure you're doing the exercises correctly and learning how to manage your pain. This is available at no cost to you if you are enrolled in a Baker Hughes UHC Medical plan.
Hawaii residents are not eligible for Hinge.
MetLife Pet Insurance provides reimbursement for vet wellness visits, accidents, illnesses, and more. You can customize your pet insurance to meet your needs while protecting your pet’s health and well-being when you enroll.
The Premium HSA plan deductibles are increasing to $1,600 for individual coverage and $3,200 for family coverage. This is to comply with IRS regulations.
The HSA contribution limit will increase to $4,150 for individual coverage and $8,300 for family coverage.
The Health Care Flexible Spending FSA contribution limit will increase to $3,050.
There will be slight increases to Medical and Dental contributions. Accident Protection Plan and Critical Illness contributions are decreasing. You can find your 2024 Medical, Dental, and Vision rates here. You’ll see the rates for your other benefits, including Critical Illness, Accident Protection Plan, and the new for 2024 Hospital Indemnity Protection Plan, when you enroll in your benefits.
Download the BakerHughesBenefits.com/Executives icon onto your smartphone or tablet today so that you can access up-to-date benefits information from the convenience of your mobile device. Find contact information, search for providers, get quick answers to your questions —all in a few quick clicks. The icon is free to add to your home screen and use, and it updates automatically.
Simply scan this QR code. Then follow the instructions to add the icon to your Apple or Android device. Your spouse or domestic partner and covered dependents can download it too.
Follow these instructions to enroll in your 2023 benefits.
If you don’t enroll in Health & Protection benefits by Friday, October 21, you’ll have the same benefits with the same coverage levels you have today. The exception is that you have to make an active election to contribute to the Health Care FSA, Dependent Care FSA, and/or the Health Savings Account or your account contributions will default to $0 in 2023.
If you are currently enrolled in the Accident Protection Plan and you do not make an election, your coverage will carry over and you will be enrolled in the High plan.
Please note: If you plan to enroll in Medicare while you are actively employed, you will not be eligible to contribute to an HSA.
Annual Enrollment is the time of year to make changes to your Health & Protection Benefits. Unless you experience a Qualified Status Change (like having a baby or getting married), your next opportunity to enroll or make changes to your benefits will be next year during Annual Enrollment.
You can review and make changes to your 401(k) anytime during the year. No action is required during Annual Enrollment. Annual Enrollment is a good time to consider contributing at least 5% in order to get the full company match, review your investment allocation, and make sure your beneficiaries are up to date.