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.
Here’s a snapshot of what’s new for 2024:
- Improved access to mental health care: For 2024, 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.
What happens if I do not enroll?
If you don’t enroll in benefits during Open Enrollment, your current elections will continue next year, except for your Flexible Spending Accounts (FSAs) and/or Health Savings Account (HSA) contributions and your election for Purchased Time Off benefits.
You must actively enroll if you want to contribute to an FSA or HSA or elect Purchased Time Off benefits in 2024.
Introducing a new LGBTQ+ Benefits Guide
We want to support our LGBTQ+ associates and their families, so we are making it easier than ever to find out more about Capital One benefits that support the physical, emotional, financial and social well-being of these communities. Check out the LGBTQ+ Benefits Guide to find a benefit highlights guide tailor-made for our LGBTQ+ associates and their loved ones.
Choosing the right plan is important for your total well-being, and we believe every associate should be able to make the most of their benefits offerings. In order to do that, it’s our job to make them easily accessible, and these resources will help you understand your options so you can select the plan that provides the right coverage and value for you and your family.
- Interactive Guides: Check out the CDHP + HSA Interactive Guide and PPO + Health Care FSA Interactive Guide Interactive Guide to learn more about how the plans work. *Please note, the amounts used in these brochures reflect 2023 contribution limits and should only be used for reference.
- Side-by-Side Comparison Charts:
- Learn how the medical plans cover costs by reviewing the side-by-side medical plan comparison chart.
- Review the side-by-side HSA and Health Care FSA comparison chart to see how the health savings and spending accounts differ.
- Real Life Examples: Access real life example of how costs are covered under the three medical plans for people with different needs (everyday expenses, emergency, and managing a chronic condition with an upcoming procedure).
- 2024 Open Enrollment Guide: Access more information on all your 2024 benefits in 2024 Open Enrollment Guide. You should have also received this in your home mail.
- Medical Plan Selector Tool: Use the Medical Plan Selector Tool: to estimate your out-of-pocket expenses, see which plan might offer you the best value, and determine how much to set aside in a Health Savings Account (HSA) or Health Care Flexible Spending Account (Health Care FSA).
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 your out-of-pocket costs (copays, deductibles, and coinsurance).
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.
2024 Cost of Coverage
View the 2024 associate contributions for Medical, Dental, and Vision benefits below:
Medical
| 2024 Medical Associate Bi-weekly Contributions | |||
|---|---|---|---|
| CDHP | Basic PPO | Enhanced PPO | |
| Associate | $27.10 | $27.10 | $63.79 |
| Associate + Spouse/ Domestic Partner |
$123.72 | $123.72 | $200.78 |
| Associate + Child(ren) |
$78.14 | $78.14 | $147.86 |
| Associate + Spouse/ Domestic Partner + Child(ren) |
$175.40 | $175.40 | $289.14 |
TIP: Think about the whole cost. When choosing a medical plan, it’s important to think about the whole cost of coverage — the amount coming out of your paycheck, as well as coming out of your pocket (co-pays, deductibles, and coinsurance).
Dental
| 2024 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
| 2024 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 2024 Medical, Dental, and Vision costs of coverage.
View the 2024 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)
| 2024 Associate Voluntary Supplemental Life/AD&PL Insurance Costs | |
|---|---|
| Associate’s Age as of January 1, 2024 | 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)
| 2024 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 |
| 2024 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
| 2024 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.
Please note: You cannot use FSA funds to be reimbursed for a domestic partner’s qualified health care expenses.
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. This may help you with your own decision process. Please note: The Annual Contribution amounts used in these Real Life Examples reflect 2023 associate contributions and should only be used for reference.
We know that your benefits are essential to being able to prioritize and support your total well-being, so that you can feel healthy all around — physically, emotionally, financially and socially. 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 2024. Below is an overview of Capital One’s benefit program. We encourage you to review all that’s offered, consider your needs for the upcoming year, and decide which benefits are the right fit for you and your family.
Medical
The three medical plans will remain the same for 2024, with two changes to note:
- We are enhancing the access to out-of-network mental health providers.
- To comply with IRS mandates, we are raising the deductible on the CDHP + HSA family deductible from $3,000 to $3,200.
The following medical plans are available:
- CDHP with HSA
- Basic PPO
- Enhanced PPO
Dental
For 2024, the following plans will be available:
- Basic Plan
- Enhanced Plan
Vision
Vision coverage will remain the same. You will have access to a network of Anthem Blue View Vision providers in 2024, through the same plan:
- Anthem Blue View Vision
Savings & Spending Accounts
The following accounts will be available in 2024:
- Health Savings Account (HSA) (available only with the CDHP) – In 2024 you’ll be able to contribute more to your HSA, up to $4,150 for associate-only coverage and $8,300 if you cover dependents.
- Health Care Flexible Spending Account (Health Care FSA) – The FSA contribution limit is also increasing for 2024 to $3,050.
- Dependent Care Flexible Spending Account (Dependent Care FSA) – No changes for 2024
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 2024. 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