At Sonos, our goal is to provide impactful and high-quality benefits for our employees. For 2024, largely due to inflation and COVID-19 impacts, benefit costs for all employers are rising much faster than other expenses. To mitigate rising costs, we negotiate with vendors annually to focus our benefit program investment on what matters most to you. For 2024, we'll continue to cover the majority of benefit costs. Deductions for medical coverage will increase modestly. Dental and vision deductions will not change.
During Open Enrollment, we encourage you to take time to carefully consider your benefit options for 2024. To make informed choices that align with your needs, use available decision support tools and the new self-service tool, ALEX Go (available October 30). With ALEX Go, you can also compare your spouse's medical plan with Sonos' offerings, to help you find the best fit. Be sure to have your spouse's plan details available when accessing the tool.
Here's a summary of what's new and changing for your 2024 benefits.
The amount you pay for medical coverage each paycheck will increase modestly in 2024. Dental and vision deductions will remain the same.
- Annual deductibles: The in-network deductible will be $500/individual and $1,500/family. The out-of-network deductible will be $750/individual and $2,250/family.
- Annual out-of-pocket maximums: The in-network maximum will be $3,000/individual and $6,000/family. The out-of-network maximum will be $10,000/individual and $20,000/family.
- Annual deductibles: To comply with IRS requirements, the in-network deductible will be $1,600/individual, $3,200/family, and $3,200/individual in family coverage. The out-of-network deductible will be $5,000/individual, $10,000/family, and $5,000/individual in family coverage.
- Annual out-of-pocket maximums: The in-network maximum will be $6,500/individual, $13,000/family, and $6,500/individual in family coverage. The out-of-network maximum will be $15,000/individual, $30,000/family, and $15,000/individual in family coverage.
- Annual out-of-pocket maximums: The maximum will be $2,500/individual and $5,000/family.
- Office visit copays: Primary care visits will be $35 and specialist visits will be $45.
- Prescription drug copays — retail pharmacies (30-day supply):
- Generic: $15 (no change)
- Brand formulary: $45 (currently $35)
- Brand non-formulary: $60 (currently $50)
- Specialty and select brand medications: $100 (new cost tier)
- Prescription drug copays — mail order (90-day supply):
- Generic: $30 (no change)
- Brand formulary: $90 (currently $70)
- Brand non-formulary: $180 (currently $150)
- Specialty and select brand medications: $300 (new cost tier)
The following contribution limits will increase for 2024:
- HSA: For employees with Aetna CDHP medical coverage, the annual HSA limits will be $4,150 for employee-only coverage and $8,300 for family coverage. If you’re age 55 or older, the annual catch-up contribution remains unchanged at $1,000.
- Health Care FSA/Limited Purpose FSA: The current $3,050 annual limit is projected* to increase to $3,200. If you enroll in an FSA for 2024, you can carry over up to $610 in unused 2023 funds into 2024 (these funds will be available in your 2024 account after March 31, 2024). You’ll be able to use your 2024 funds for expenses incurred January 1, 2024, through March 15, 2025. (* When this information was posted, the IRS had not yet announced the 2024 limit. The most up-to-date maximum will be reflected in Workday.)
Estimate your 2024 FSA expenses carefully! 2023 is the last year that you’ll be able to carry over unused Health Care/Limited Purpose FSA funds into the following year. When you choose your FSA election for 2024, you’ll be able to use funds for expenses incurred January 1, 2024, through March 15, 2025.
If you have a Health Care FSA or Limited Purpose FSA, you can carry over up to $610 of unused funds into the new year, but ONLY if you elect an FSA for 2024. If you don't, you’ll forfeit all unused 2023 funds.
- Cost of coverage: There’s good news for our voluntary Accident, Critical Illness, and Hospital Indemnity Insurance plans — the cost of coverage will decrease and plans will be enhanced in 2024! If you’re already enrolled, your payroll deductions will be automatically updated starting in January.
- Accident Insurance:
- Emergency room, urgent care, and major diagnostic exam: Benefit increases to $150 for Low Option, $250 for High Option.
- Accident follow-up: Benefit increases to $75 for Low Option, $125 for High Option.
- Critical Illness Insurance:
- Childhood conditions: Coverage added, including cerebral palsy, cleft lip or palate, congenital heart defect, cystic fibrosis, Down syndrome, sickle cell anemia, and spina bifida.
- Increased coverage: Benefits increase to 100% of the face value for your elected coverage amount for lupus, multiple sclerosis, loss of sight/speech/hearing, paralysis (quadriplegia, triplegia, paraplegia, hemiplegia, diplegia), coma, benign brain tumor, third-degree burns, muscular dystrophy, Alzheimer's disease, Parkinson's disease, and persistent vegetative state.
Delta Dental will replace Cigna as our dental plan provider in 2024. Here’s what you need to know about the transition:
- The network is different: There is overlap between the Cigna and Delta Dental provider networks — but they are not the same. You’ll have access to an expanded network of dental providers through Delta Dental. However, some dentists that are currently in the Cigna network will NOT be in-network providers under Delta Dental. At the same time, some dentists that are currently NOT in the Cigna network will now be in-network providers under Delta Dental.
- If your provider is not in the Delta Dental PPO network, you can:
- Choose a new dentist in order to receive the highest level of coverage, or
- Continue using your same dentist, but know that you’ll pay more. Plus, some dentists may balance bill you for the difference between their billed amount, and the amount they receive from your insurance.
What are my provider options?
Your provider options are:
- Delta Dental PPO dentists: To maximize your savings, use these providers. They've agreed to reduced fees and you won't get charged more than your expected share of the bill.
- Delta Dental Premier providers: If you can't find a PPO dentist, consider a Premier provider. Keep in mind, these dentists offer smaller discounts than PPO providers, so your costs will be higher.
- Non-Delta Dental dentists: If you use a dentist who is not affiliated with Delta Dental, your costs will be the highest. Plus, these providers may choose to “balance bill" you.
What does balance billing mean?
If you use a dentist that is not in the Delta Dental PPO or Delta Dental Premier network, your provider can “balance bill” you for services. This happens if your dentist charges more than the amount the insurance company pays. In that situation, your dentist may choose to bill you for the excess portion that is not covered by insurance.
Check to see if your dentist is part of the Delta Dental network!
- Go to www.deltadentalins.com.
- From the top navigation, click Find a dentist.
- For the “network,” choose Delta Dental PPO to receive the highest level of coverage, or Delta Dental Premier for lower coverage. If a dentist isn’t listed under either category, you'll have the highest out-of-pocket costs, and your dentist may balance bill you for amounts not covered by insurance.
- Benefits coverage: You’ll continue to have the same coverage under Delta Dental as you do today through Cigna.
- Orthodontia lifetime maximum: If you’re currently in the middle of orthodontic treatment and you haven’t reached your lifetime maximum, you’ll need to provide information to Delta Dental. In order to access your remaining benefits, you’ll need to submit your Cigna Explanation of Benefits to Delta Dental, showing the orthodontic amounts paid to date by Cigna.
- Transition of care: If you're currently in the middle of an ongoing dental treatment, the claim will be paid by Cigna if dated before December 31, 2023, or by Delta Dental if dated on or after January 1, 2024.
- No ID cards: You will not receive a dental ID card. Instead, you can simply tell your dentist your name and the last four digits of your Social Security number when you schedule.
- Modern Health: This plan will no longer be available after December 31, 2023. Instead, Sonos will expand mental health services for the Employee Assistance Program, as described below. If you’re using a Modern Health provider today, you can continue to do so, but you’ll be responsible for the full cost.
- Employee Assistance Program (EAP): When faced with life’s challenges, sometimes we can all use a little extra support. That’s why Sonos is increasing the number of EAP counseling sessions to 12 per issue each year. Sessions are available in-person, by phone, by video, or through the Talkspace app. EAP services are provided by Aetna Resources for Living and are available to all Sonos employees and their household members, regardless of health insurance coverage.
In addition to the EAP, you have access to Talkspace through your medical plan. This is an extra resource for virtual counseling and therapy. Regular in-network costs apply when accessing TalkSpace through the Aetna medical plan.
Lincoln Financial will replace New York Life as the provider for our life and AD&D plans in 2024.
- Review your beneficiaries: Your current beneficiary designation will transfer to Lincoln Financial. However, Open Enrollment is the perfect opportunity to review your beneficiaries on file, and make updates as needed. Visit the People Help Knowledge Base to learn more.
- Optional coverages transfer automatically: If you’re currently enrolled in optional life or AD&D insurance for you, your spouse, or child(ren), your same coverage will transfer to Lincoln Financial in 2024. Your cost in 2024 will be the same as today.
- Enroll in optional coverage now and get automatically approved: During this enrollment period, you can enroll in (or increase your current coverage) up to certain levels with automatic approval:
- Optional employee life: Elect up to $300,000
- Optional spouse life: Elect up to $50,000
- Optional child life: Elect $10,000 in coverage, which covers all dependent children to age 26
Additional optional employee and spouse life coverage is available, but higher amounts are subject to medical underwriting approval.
Learn more about optional life insurance and paycheck costs.
Lincoln Financial will replace New York Life as the provider for our disability plans. The cost of your disability coverage is fully paid by Sonos, so there’s nothing that you need to do at this time. If you need support in the future related to your disability benefits, Lincoln Financial will be your contact for claims assistance.