Open Enrollment

Open Enrollment is your annual opportunity to review and update your benefits elections so that you have the coverage you and your family need in 2024. Be sure to review the 2024 What's New section for more information and next steps. There are some changes to the medical deductibles, vision plans and 2024 contribution rates. You must enroll each year if you would like to contribute to an HSA and/or FSAs.

We encourage you to take time to review your options for 2024 and carefully consider which benefits will work best for you and your family, especially if you want to:

• Add, remove or change medical, dental or vision insurance.
• Add or remove a dependent to your healthcare coverage.
• Contribute or change your contribution to an HSA or FSA. Your elections will not carry over from year to year.
• Add or remove supplemental health benefits, such as accident, critical illness or hospital indemnity insurance.
• Enroll in voluntary benefits coverage, such as legal plan, identity theft protection or pet insurance

Use Mercer Marketplace 365+ to select the plan that best fits your and your family’s needs for 2024.

Welcome to Open Enrollment for your 2024 benefits!

Parexel is committed to providing comprehensive benefits for employees, spouses and eligible dependents. Take this opportunity to learn about the benefits available to you, understand what is changing for 2024, and complete your enrollment.

Open Enrollment for 2024 benefits is November 1 – November 15, 2023. Your new elections will go into effect on January 1, 2024.

Please review the changes to our benefits that will go into effect beginning January 1, 2024:

Health Plan Updates	The deductibles are increasing for all four Blue Cross Blue Shield of Massachusetts (BCBS) medical plans. Please review the plans in detail and make sure you have selected the medical plan that meets the needs of you and your family. The $500 Deductible Plan is increasing to $1,000. This plan will be called the $1,000 Deductible Plan. If you are currently enrolled in the $500 Deductible Plan and do not take action, you will be automatically enrolled in the new $1,000 Deductible Plan at your current coverage level and 2024 rates. The $1,000 Deductible Plan is increasing to $1,500. This plan will be called the $1,500 Deductible Plan. If you are currently enrolled in the $1,000 Deductible Plan and do not take action, you will be automatically enrolled in the $1,500 Deductible Plan at your current coverage level and 2024 rates. The $1,850 Deductible Plan with HSA is increasing to $2,000. This plan will be called the $2,000 Deductible Plan with HSA. If you are currently enrolled in the $1,850 Deductible Plan and do not take action, you will automatically be enrolled in the $2,000 Deductible Plan with HSA at your current coverage level and 2024 rates. The $3,000 Deductible Plan with HSA is increasing to $3,200 to remain HSA qualified under the IRS. If you are currently enrolled in the $3,000 Deductible Plan and do not take action, you will automatically be enrolled in the $3,200 Deductible Plan with HSA at your current coverage level and 2024. Parexel will be implementing the Standard Control with Advanced Control Specialty Formulary (also known as a covered list of medications). Please be on the lookout for information from BCBS about your prescription benefits — if there is a change to the coverage of your medication, you will be notified via mail in December. You can also visit Blue Cross Blue Shield of MA or call 800-832-3871 to confirm how your medication will be covered in 2024.
Vision Plan Updates	The vision plan provider is moving from VSP to MetLife Superior Network. If you are currently enrolled in voluntary vision plans and do not take action, you will automatically be enrolled in the MetLife Materials Only or Enhanced Plan at your current coverage level and 2024 contributions rates. Both plans include a $25 copay for standard lens fittings and a 10-20% off additional pairs of contact lenses. The Enhanced Plan also includes 20-50% off the national average price of traditional LASIK at an in-network provider.
Health Savings/Spending Accounts IRS Limits Increase	Health Savings Account (HSA) IRS contribution limits for 2024 will increase to: $4,150 for employee-only coverage ($300 increase) $8,300 for family coverage ($550 increase) Flexible Spending Accounts (FSAs): The current IRS contribution limit is $3,050 for 2023. If the limit increases for 2024, Parexel will also increase the limit. You must enroll each year if you would like to contribute to an HSA and/or FSAs. Your elections will not carry over from year to year.
401(k) IRS Limits	The current IRS contribution limit is $22,500 with a catch-up contribution limit of $7,500 for participants 50 and older in 2023. If the limits increase for 2024, Parexel will also increase the limits.
2024 Contributions	Bi-weekly contribution rates will increase across all medical and dental plans and coverage levels, due to rising inflation and overall costs of health care. See your 2024 bi-weekly contribution rates here.

You have access to support and guidance every step of the way as you enroll!

• Visit the Mercer Marketplace 365+ platform for personalized support to guide you through the enrollment process.
• Answer a few short questions to receive expert guidance and build a personalized benefits package.
• Select the benefits package built for you, customize it further to best meet your needs and budget, or build your own package.
• If you don’t have access to a computer or need assistance, you can enroll with a benefits counselor by calling 1-866-696-8683. Help is available via phone 7 a.m. – 9 p.m. ET, Monday through Friday, and 10 a.m. to 2 p.m. ET on Saturday.

How to Enroll – Existing Users

Complete your benefits elections on the Mercer Marketplace 365+ platform. Follow the steps below:

• Visit the Mercer Marketplace 365+ platform and enter your username and password under the Returning Users section. Your username is your Parexel email address. If you forgot your password, select “Forgot Username or Password” below “Continue” and follow the prompts to reset it.
• Select “Continue”.
• You will be required to use Multifactor Authentication to log in. The code will come via text or email, whichever you selected upon initial registry. Enter the code and select “Continue.”
• You are now logged into the Mercer Marketplace 365+ platform! From here, you can make your Open Enrollment elections.
• Your benefit elections will be saved in your online shopping cart. When you are ready, select “Check Out.”
• After selecting your benefits, press “Confirm.” You will know your enrollment is complete when you see a confirmation number. Save your 2024 elections and confirmation number for your records.

How to Enroll – New Users

Complete your benefits elections on the Mercer Marketplace 365+ platform. Follow the steps below:

• Visit the Mercer Marketplace 365+ platform and create an account to login.
• Select “Get Started” under the New Users section and begin to register your account.
• Input your personal information.
• Complete the Multifactor Authentication section and select “Continue.”
• Once you receive your verification code, enter it into the system and select “Continue.”
• You are now logged into the Mercer Marketplace 365+ platform! From here, you can select your benefits.
• Your benefit elections will be saved in your online shopping cart. When you are ready, select “Check Out.”
• After selecting your benefits, press “Confirm.” You will know your enrollment is complete when you see a confirmation number. Save your 2024 elections and confirmation number for your records.

Helpful Hints for Navigating Mercer Marketplace 365+

• Use the “What to Do Here” buttons at the top of each page to get personalized benefits recommendations.
• If you have questions about the enrollment process, call 1-866-696-8683. Help is available Monday through Friday, 7 a.m. – 9 p.m. ET, and 10 a.m. to 2 p.m. ET on Saturday.

Enrollment Checklist

Collect Your Personal Information

When enrolling, have the following information readily available as you may need it to complete this process:

• Social Security numbers and dates of birth for any dependents and beneficiaries.

Verify Your Dependents’ Eligibility

If you are covering a dependent, you will be asked to submit documentation to verify each dependent’s eligibility following the enrollment process.

Specify Your Insurance Beneficiaries

You automatically receive basic life and accidental death and dismemberment (AD&D) insurance from Parexel. Designate your beneficiary for this benefit.

You may purchase supplemental life and AD&D insurance with approval of the carrier.

Make Your Selections

If you need help determining which medical plan to enroll in, use the “What to Do Here” buttons at the top of each page to get personalized benefits recommendations.

Enroll by November 15

Enroll using Mercer Marketplace 365+.