CU boosts Health Plan funding to reduce impact to faculty and staff
University of Colorado faculty and staff will see modest increases to monthly CU Health Plan premiums for the 2021-22 plan year beginning July 1.
COVID-19 brought unprecedented increases in health care utilization, high-cost claims and unexpected usage patterns, all factors that affect the university’s plan premiums. In response, CU leadership substantially increased CU Health Plan funding contributions for the coming plan year to alleviate the overall medical plan premium increases paid by faculty and staff.
CU contributes an average of 90% to employee health care premiums across its health plans.
“The University of Colorado’s investment demonstrates its commitment to the health and wellness of its faculty, staff and the university community,” said CU Health Plan Chief Administrator Tony DeCrosta. “The past year was historic and unprecedented, and it only emphasized the critical role of health care coverage.”
For over 10 years, the CU Health Plan has managed the university’s self-funded medical plans to provide faculty and staff the best possible health plans with the most flexible choice and prices. In its first decade, the self-funded model saved CU and its employees over $75 million compared to the university’s previous insurance model.
In 2021-22, the university will offer four medical plans with no substantial changes to plan design. Plans emphasize preventative care by covering these services at no cost.
Monthly premium increases will vary by plan and coverage level. CU Health Plan – Extended will see the highest premium increases, driven by higher-than-expected service utilization and a significant number of high-cost claims compared to CU’s three other medical plans.
Dental, vision, life insurance and disability insurance monthly premiums will not increase.
For individual coverage, monthly premiums for the High Deductible medical plan and the Essential dental plan will remain $0.
Please visit www.cu.edu/rates to view your rate sheet.
How well is your current medical plan working for you?
Open Enrollment, beginning Monday and continuing through May 7, is your opportunity to consider your health plan options and choose plans for the coming year. As an employee covered under a medical CU Health Plan, you have options: CU offers four health plans to meet the needs of its diverse faculty and staff population.
The Basics of CU Health Plans and Pretax Savings digital course can help you evaluate your plan options and learn how to lower your health care cost through pretax savings plans. Consider your annual health care costs and how you use your health benefits year-to-year to help determine which CU Health Plan would best serve your needs.
Watch now: https://www.cusys.edu/plans/2021/basics_cu-health-plans/story.html
Watch now: https://www.cusys.edu/plans/2021/basics_cu-health-plans_en-espanol/story_html5.html
Start exploring your options today to make informed decisions during Open Enrollment. Visit the Open Enrollment website, attend live webinars with our health plan vendors, stop by the virtual fair, then pick the best plans for your needs.
Employee Services’ benefits professionals are available to answer additional questions at 303-860-4200, option 3, or benefits@cu.edu.