Open Enrollment for your 2023 benefits ended October 28. Review the information below to see what’s changing for 2023.

If you have questions about your 2023 benefits, call the HR Benefits Center at 1-888-376-8836 between 8 a.m. – 5 p.m. ET Monday through Friday.

What’s new for 2023

View a summary of what’s new to our benefits program for 2023.

Contributions and real life examples

Review your cost for coverage and walk through real life health care scenarios.

Overview of 2023 benefit options

See the benefits available to you in 2023.

 

What's New for 2023

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, and financially. Our comprehensive and inclusive benefits are designed to give you the choice and flexibility to support your individual needs. Each year, informed by associate feedback, we are able to evolve our benefits program to better support you, our associates.

Here’s what’s new for 2023:

  • No increase to associate health insurance contributions in 2023: To help care for your financial well-being during a time of nearly constant rising prices, we have committed to keep your contribution rates the same in 2023. This includes medical, dental, vision, and supplemental life and long-term disability coverage as long as your elections remain the same. If you change plans or coverage tiers (for example, if you switch from Basic PPO to Enhanced PPO, or change from individual coverage to family coverage), you will pay the contribution rates for your new coverage. Supplemental life and supplemental LTD costs will only increase if coverage increases.
  • New Benefits: Blue Distinction Centers of Excellence for Cardiac Care, Spine Surgery, Knee and Hip Replacements, Bariatric Procedures, Organ Transplants, and Substance Abuse
    • We are reducing your costs when you choose to use a Blue Distinction Centers of Excellence for specific types of care. These Blue Distinction Centers are select facilities that have demonstrated evidence of higher quality of care, resulting in fewer re-admissions, complications and subsequent ER visits.
    • When you receive care at a Blue Distinction Center facility, you will have a lower cost-share than you would using other in-network facilities.

    • Your Coinsurance after the Deductible Has Been Met
      CDHP Basic PPO Enhanced PPO
      Blue Distinction Center 10% 20% 10%
      In-Network Provider 20% 30% 20%
      Out-of-Network Provider 40% 50% 40%

      For associates who do not have access to a Blue Distinction Center locally, travel benefits are available to help cover the cost of the trip to receive care from a Blue Distinction Center facility.

  • Updated ABA Therapy benefits: To better align with how other benefits are paid, we are adding in a cost share for Applied Behavior Analysis (ABA) Therapy in 2023 under both the Basic and Enhanced PPO. The deductible will not apply to ABA services and you will only be responsible for coinsurance. This means your plan will begin to cover these services whether or not you’ve met your deductible.

    To protect associates, the plan will continue to reimburse out-of-network providers at billed charges so members will not receive a surprise bill from the provider for any balance. Case management will be implemented which gives you an advocate to ensure therapy is aligned with clinical standards. For those enrolled in the CDHP plan, there will be no change to how coverage is paid, as ABA therapy is subject to the deductible and coinsurance.
  • New dental covered service: Under both dental plans, we are adding coverage for services related to congenitally missing teeth.
  • Increased FSA & HSA contribution limits (these limits include Capital One’s contribution):
    • The Health Care Flexible Spending Account (Health Care FSA) contribution limit is $2,850 for 2023.
    • If you have unused funds in your 2022 Health Care FSA, you can carry over up to $570 to your 2023 Health Care FSA, which will be added to your available 2023 balance. To be eligible to carry over funds, you must enroll in a Health Care FSA for 2023 during Open Enrollment.
    • The Health Savings Account (HSA) contribution limit is $3,850 for individual coverage and $7,750 if you cover dependents on the CDHP. The catch-up contribution for associates age 55 and over is an additional $1,000.
    • The Dependent Care Flexible Spending Account (Dependent Care FSA) contribution limit will remain at $5,000.
New hire or have a qualifying life event between 10/6 - 12/31?

If you are a new hire or experience a life event between October 6, 2022 and December 31, 2022, please review the New Hire page or the Life Events page before enrolling.

Important: If you are making changes to your benefits due to a life event, you will need to request the change for both your 2022 and your 2023 benefits. Changes requested for 2022 do not automatically apply to your 2023 elections.

If you are a new hire and do not take action within 31 days, you will default to no coverage for all benefits, except for the benefits automatically covered by Capital One, including Basic Life and Accidental Death & Personal Loss (AD&PL) Insurance, Short-Term Disability Insurance (full-time associates only), Basic Long-Term Disability Insurance, and more.

Please note: As a new hire, you need to make elections for both your 2022 benefits and your 2023 benefits. After you make elections for 2022 benefits, you’ll need to take action during Open Enrollment to have benefits coverage in 2023.

 

Contributions and Real Life Examples

Capital One and our associates share the total premium cost and the related administrative costs supporting our plan. On each paycheck, you contribute funding to cover these costs; however, this covers only a fraction of the total cost. Most of the cost is paid by the company.

2023 Cost of Coverage

View the 2023 associate contributions for Medical, Dental, and Vision benefits below:

Medical
2023 Medical Associate Bi-weekly Contributions
CDHP Basic PPO Enhanced PPO
Associate $26.44 $26.44 $57.18
Associate + Spouse/
Domestic Partner
$117.24 $117.24 $181.80
Associate +
Child(ren)
$74.85 $74.85 $133.26
Associate + Spouse/
Domestic Partner +
Child(ren)
$166.38 $166.38 $261.67

TIP: Think about the whole cost. When choosing a medical plan, it’s important to think about the whole cost of coverage — the amount you’ll spend out of your paycheck, as well as out of your pocket (co-pays, deductibles, and coinsurance).

Dental
2023 Dental Associate Bi-weekly Contributions
Basic Plan Enhanced Plan
Associate $6.95 $10.46
Associate + Spouse/
Domestic Partner
$14.59 $21.97
Associate +
Child(ren)
$13.20 $19.88
Associate + Spouse/
Domestic Partner +
Child(ren)
$21.54 $32.44
Vision
2023 Vision Associate Bi-weekly Contributions
Vision Plan
Associate $1.41
Associate + Spouse/
Domestic Partner
$2.85
Associate +
Child(ren)
$3.43
Associate + Spouse/
Domestic Partner +
Child(ren)
$5.10

COBRA participants: View your 2023 Medical, Dental, and Vision costs of coverage.

View the 2023 associate contributions for Supplemental Life Insurance and Accidental Death and Personal Loss (AD&PL) Insurance and Supplemental Long Term Disability (LTD) below:

Supplemental Life and AD&PL Insurance (Associate)
2023 Associate Voluntary Supplemental Life/AD&PL Insurance Costs
Associate’s Age as of January 1, 2023 Bi-weekly Cost per $1,000 of Coverage (post-tax)
<30 $0.02
30-34 $0.03
35-39 $0.03
40-44 $0.04
45-49 $0.06
50-54 $0.08
55-59 $0.12
60-64 $0.16
65-69 $0.23
70-74 $0.47
75-79 $0.75
80+ $0.75
Supplemental Life and AD&PL Insurance (Spouse/Domestic Partner and Child)
2023 Coverage Options Available for Dependent Life/AD&PL – Spouse/Domestic Partner
Coverage Option Bi-weekly Cost (post-tax)
$25,000 $1.08
$50,000 $2.15
$75,000 $3.22
$100,000 $4.29
$125,000 $5.37
$150,000 $6.44    
$175,000 $7.51    
$200,000 $8.58
$225,000 $9.66
$250,000 $10.73

2023 Coverage Options Available for Dependent Life – Children
Coverage Option Bi-weekly Cost (post-tax)
$10,000 child only $0.51
$20,000 child only $1.02
Supplemental LTD
2023 Coverage Options Available for Supplemental LTD
Coverage Option Bi-weekly Cost (post-tax)
Additional 20% of Annual Benefits Salary to provide 70% of total Annual Benefits Salary replacement $0.128 per $100 of your monthly benefits salary
Cost considerations if you cover a domestic partner

In accordance with IRS regulations, there are unique cost considerations if you cover a domestic partner. The key considerations are:

  • The portion of the associate’s premium that covers your domestic partner is paid on a post-tax basis rather than on a pre-tax basis like for your own coverage or that of other dependents.
  • The company’s contribution toward the cost of your domestic partner’s coverage (called the fair market value) is added to your earnings for the year and is subject to the applicable taxes.

Capital One will provide associates with a domestic partner (under our medical, dental and vision plans) a gross-up amount to help cover the taxes owed on these benefits. If you have indicated on IRS Form W-4 that you are exempt from federal income tax withholding, no gross-up will be applied. Similarly, if you have indicated that you are exempt from state tax withholding, no state gross-up will be provided.

Not sure if your domestic partner qualifies for coverage? See domestic partner criteria here

Real Life Examples

We know learning the ins and outs of medical plans can be overwhelming. Sometimes it helps to see how these plans would work in the real world. We’ve created three hypothetical Capital One associates to help you understand how the medical plans would work for them. You can learn about their medical needs, and see what their total costs would be under each medical plan option for 2023. Can you identify with any of them? This may help you with your own decision process.

 

Overview of 2023 Benefit Options

Caring for you and your family is one of our most important priorities, which is why we’ve designed our benefits to support your total well-being. We are pleased to continue to offer the same comprehensive benefits with minimal changes for our associates in 2023. Below is an overview of Capital One’s benefit program.

Medical

The three medical plans will remain the same for 2023 and you will not see any increase in per paycheck costs. Two changes to note:

  • We are implementing new benefits for Blue Distinction Centers of Excellence for cardiac care, spine surgery, knee and hip replacements, bariatric procedures, organ transplants, and substance abuse at a lower cost for associates.
  • We are also updating our ABA Therapy benefits to better align with how other benefits are paid.

The following medical plans are available:

  • CDHP with HSA
  • Basic PPO
  • Enhanced PPO

Dental

For 2023, you will not see any increase in per paycheck costs. As an enhancement, we are adding coverage for services related to congenitally missing teeth. The following plans will be available:

  • Basic Plan
  • Enhanced Plan

Vision

Vision coverage and costs will remain the same. You will have access to a network of Anthem Blue View Vision providers in 2023, through the same plan:

  • Anthem Blue View Vision

Savings & Spending Accounts

The following accounts will be available in 2023:

  • Health Savings Account (HSA) (available only with the CDHP) – In 2023 you’ll be able to contribute more to your HSA, up to ($3,850 for associate-only coverage and $7,750 if you cover dependents.
  • Health Care Flexible Spending Account (Health Care FSA) – The FSA contribution limit is also increasing for 2023 ($2,850)
  • Dependent Care Flexible Spending Account (Dependent Care FSA) – No changes for 2023

Life Insurance

In addition to the Basic Life and Accidental Death and Personal Loss (AD&PL) insurance you automatically receive from Capital One, you have the option to purchase:

  • Supplemental Life and AD&PL insurance
  • Dependent Life and AD&PL insurance

Disability Insurance

There are no changes for 2023. Capital One automatically provides full-time associates with Short-Term Disability and provides full-time and part-time associates with Basic Long-Term Disability coverage at no cost. You have the option to purchase:

  • Supplemental Long-Term Disability insurance

Purchasing Additional Time Off

If you are a full-time associate or a part-time associate working 20 or more hours per week, you are eligible to purchase extra vacation/PTO during Open Enrollment. You must actively elect Purchased Time Off each year – these benefits do not automatically carry over from one year to the next. Associates on Long-Term Disability are not eligible for this benefit. Consider whether this benefit is right for you next year:

  • Purchased Time Off Program