Monthly health plan premiums will not increase – zip, zero, zilch – for University of Colorado faculty, staff and regular retirees when the new plan year begins on July 1.
CU faculty, staff and retirees may select their plans during Open Enrollment, from April 23-May 11. Early retirees may see slight increases of a dollar or two in their monthly dental premiums.
“The University of Colorado provides excellent benefits to its employees. The fact that we’re able to provide quality benefits coverage with no cost increases for the upcoming plan year is just one example of our commitment to employees,” said Felicity O’Herron, chief human resources officer for CU system. “CU gives employees excellent options to choose from, including medical and dental coverage options with no monthly premiums. We encourage employees to learn about their options to make the best choices.”
The average national medical and pharmacy increases are estimated at 8 percent for the 2018-19 plan year, according to Aon Hewitt’s annual premium trends survey. That includes an average 7 percent increase in medical cost and an 11 percent increase for pharmacy costs.
Aon’s survey looks at more than 1,000 employers across a variety of industries, including public universities. The monthly average cost for public university premiums was $81 for employee-only coverage and $136 for family coverage. The average deductible is $1,500 for an individual and $3,000 for families.
CU offers four plan options to its employees, and it makes an 85 percent-90 percent contribution to employees’ total health care premium costs, depending on the plan.
CU Health Plan – Exclusive charges $39.50 for individual coverage and $215.50 for families. Its annual deductibles are $250 for individuals and $750 for families of three or more. The Anthem-administered plan lets participants choose from a statewide network for care.
CU Health Plan – Extended’s monthly rates are $73 for individual coverage and $291.50 for families. Its annual deductibles for in-network providers are $750 for individuals and $1,500 for families of three or more. The Anthem-administered plan gives employees access to national network of providers.
CU Health Plan – High Deductible charges $0 for individual and $19 for family coverage. Its annual deductibles are $1,500 for individuals and $3,000 for families, in-network. The Anthem-administered gives employees broad access to health care services inside and outside of its national network. Once an employee has met the annual deductible, the plan charges coinsurance for care.
CU Health Plan – Kaiser’s monthly rates are $101 for individual coverage and $353.50 for families of three or more. The plan does not have an annual deductible and gives access to providers in Kaiser’s network.
Costs for CU’s two employee dental plans will remain the same, with CU Health Plan – Essential Dental costing $0 monthly for employee-only coverage and $47.50 for family coverage and CU Health Plan – Choice Dental costing $16 monthly for employee-only coverage and $98.50 for family coverage.
Make the smart calls
Employee Services encourages employees to make smart calls on benefits coverage by reviewing 2018-19 plan changes and rates at www.cu.edu/oe. Full plan details will be available at 8 a.m. April 23. During Open Enrollment, Employee Services campus sessions and carrier fairs will spread the word on the best ways to use your plans to stay healthy and save money.
Employees do not need to take action during Open Enrollment to be re-enrolled in their current medical, dental, vision, disability and life insurance plans. Employees who want a Health Care Flexible Spending Account and the Dependent Care Flexible Spending Account must re-enroll.