• We’ve made moderate increases in payroll deductions for the medical plan and minor increases in payroll deductions for the dental plan. On average, ITW pays over 80% of the cost of health care benefits for our employees. We continue to offer lower Living Well at ITW medical rates to help you save.
• Prescription drug copays and brand out-of-pocket maximums increased for the PPO1 and PPO2 plans. You’ll continue to save the most money when using generics.

• Our PPO and HealthSaver medical plans now cover surrogacy benefits, too.

Virtual Behavioral Health Visits

• MDLIVE now offers virtual visits with board-certified doctors and licensed therapists for behavioral health issues, including stress, anxiety, depression and relationship concerns for you and covered family members enrolled in an ITW medical plan.

Health Accounts


• The maximum annual contribution for a Health Savings Account (HSA) — which you can elect if you enroll in the HealthSaver Plan — will increase to $4,150 for individual coverage or $8,300 if you cover one or more family members, as determined by the IRS. If you will be age 55 or older in 2024, you can also make $1,000 in catch-up contributions. The maximum amount you can contribute to a Health Care Flexible Spending Account (FSA) in 2024, as determined by the IRS, is $3,200.

New Life Assistance Program Partner

• The Life Assistance Program will be administered by SupportLinc beginning January 1. SupportLinc offers a powerful suite of programs to support you and your family, including in-person and virtual counseling sessions, text therapy, digital group support and personal coaching. The number of free counseling sessions will double — from 3 to 6! Look for more information about SupportLinc in the new year.

Life and Accidental Death & Dismemberment (AD&D) Insurance

• You’ll have more income protection option benefits in 2024:
• You can elect up to 10x your annual base pay in Optional Life Insurance and AD&D coverage (instead of up to 8x).
• You can elect up to $50,000 of spouse/domestic partner coverage (instead of up to $30,000) and up to $25,000 for each child (instead of up to $15,000).
• Your rates will be based on your pay as of September 1, 2023, or your date of hire, if later, and your age as of December 31, 2024 (instead of January 1).
• A Statement of Health (SOH) will now be required if you elect spouse/domestic partner coverage over $30,000, or if you elect spouse/domestic partner coverage after you first become eligible for it, or for any increase to spouse/domestic partner coverage.
• Costs are increasing for Optional Life Insurance for you. Now is a good time to revisit the amount of life insurance you may need to protect your loved ones. Use the MetLife Life Insurance Calculator for a coverage recommendation.

401(k) Plan

• The maximum amount you can contribute to the ITW 401(k) Retirement Plan for 2024, as determined by the IRS, is $23,000. Employees age 50 and older can continue to contribute an additional $7,500 as a catch-up contribution.