More for You in 2024
More for You in 2024
Total Rewards got even better in 2024. Here are the highlights.
Student Loan Repayment (New)
Starting in 2024, OU Health will pay up to $25,000 toward an eligible employee’s outstanding student loan debt over a five-year period. Eligible employees include Advanced Practice Providers, Bedside Registered Nurses and Certified Registered Nurse Anesthetists.
Family Leave (New)
We know many employees are juggling a variety of caregiving needs: aging parents, an injured spouse, addition of a child and more. This new program offers six weeks* of paid leave when you need to care for any member of your family.
*Before 2024, the parental leave program offered up to 12 weeks for care of a biological, adopted or foster child. Given that family leave will now be available to employees at all life stages, the six-week cap helps OU Health balance the increased costs, while remaining market-leading across all industries. (The all-industry market average is four weeks.) Note: Physicians continue to have 12 weeks of paid parental leave available in 2024. Physicians will move to the new paid family leave program on Jan. 1, 2025.
For Staff members expecting a child before Sept. 1, 2024, you can still be covered by the current paid parental leave policy for up to 12 weeks by contacting Sedgwick (our Leave of Absence third-party administrator) by Dec. 31, 2023 to file a claim and submit required paperwork for a policy extension. If you do not take action by this deadline, you will continue to be eligible for the new paid family leave policy. Learn more
Paid Volunteer Time (New)
Do you have a passion for volunteering? Starting in 2024, you can be paid for up to four hours of time away from work to volunteer in the community.
Wellness Program (New)
Who couldn’t use some help setting and keeping wellness goals? In 2024 you can get the best-in-class Virgin Pulse wellness app to help you stay motivated, earn rewards and celebrate milestones. It’s part of OU Health’s first-ever wellbeing program, Wellbeing360. Join Virgin Pulse now and start earning rewards.
Pet Insurance (New Wellness Feature)
Pets are part of the family, so keeping them healthy helps the whole family. In 2024 our pet insurance voluntary benefit will include a new option for wellness coverage.
Bereavement Leave (More)
Losing a family member is never easy, but time can help. Starting in 2024, our bereavement policy is expanding to give:
- Up to five days of paid leave due to the death of an immediate family member. (Increase of two days)
- Up to three days for death of an extended family member. (New)
Paid Time Off Cash-In Option
During Open Enrollment, you can elect to “sell” (cash in) up to 40 hours of PTO if you meet both of these rules:
- You have at least 40 hours in your PTO balance on the date of your election.
- At least 40 hours remain in your PTO balance immediately after your election.
Payment of your eligible “sold” PTO hours will automatically be included in your paycheck dated Nov. 1, 2024. The payment will be based on 100% of your hourly pay rate as of Nov. 1, 2024 (or your hourly equivalent if you are a salaried employee).
Medical Plan News
It’s no surprise: healthcare costs are going up. But we’re in this together, with medical plans that continue to lead the market. Here’s what it means for 2024:
- OU Health will again pay 80% of the total annual medical costs for everyone enrolled in our medical plans (employees and family members). To keep employees’ total share at 20%, OU Health will absorb an additional $3.5 million in projected 2024 medical costs.
- OU Health’s additional investment includes a $100 individual/$200 family increase in annual company contributions to the health savings account (HSA): $600 (for individual HDHP 1/HDHP 2 coverage) and $1,200 (for family HDHP 1/HDHP 2 coverage).
- The new 2024 biweekly premiums will be the same across all salary levels.
- Your share of rising medical costs will be spread across the amounts you pay for coverage (your biweekly premiums) and the amounts you pay “out of pocket” when you receive services (your deductible, coinsurance and copays).
- Your annual out-of-pocket maximum puts a cap on your total costs for services. OU Health pays all the rest.
