Please contact one of the chairs of the Funded Retirement Insurance Committee. Use "Members" link below.
(UI Benefits Office)
Office of the President
Funded Retirement and Insurance Committee Minutes April 6, 2012.
FRIC Report to Staff Council
Minutes are posted on the FRIC website.
FRIC doesn’t meet over the summer months. Next meeting will be Sept 14 due to Labor Day.
Updates since last report:
We’ve been given several updates on Iowa River Landing by Dr. Boutros.
Discussed long term care insurance since John Hancock has moved to issue no new contracts effective January 1 of this year.. The company will honor current contracts in place. A new vendor has been identified _______________. Current subscribers can choose to stay with Hancock or move to the new vendor.
Discussed vitamin coverage about the cost effectiveness and ultimately decided not to offer vitamin coverage because they would have to be purchased by prescription and not OTC. Wellmark would charge a processing fee which would often outweigh the cost of the vitamin. Wellmark would charge a minimum of $100,000 annual to get it up and running plus a $25/claim charge. Continually discuss CHIP 2 since there are dwindling numbers each year. HR conducted a brief survey of random subscribers to determine why people are choosing to continue to stay in the plan. There are so few subscribers that if there is a major claim, it will adversely affect CHIP premiums. Eventually enrollment will drop below 100 and Wellmark will not allow a self-funded group to remain open with less than 100 enrollees due to risk. Enrollment has dropped from 745 in 2008 to 283 in 2012. A phone survey was conducted and 87 out of 230 staff were contacted directly with questions related to why they continue to participate in CHIPS 2. Of the 87 responses, 63 did not consider switching from CHIP 2 to another plan. 51 of 87 automatically re-enrolled. The primary reasons respondents stay in CHIP 2 were actually mostly misperceptions (i.e., that there are limitations on using any provider). CHIP 2 is a less expensive option for Employee + children. We’ve discussed marketing ideas so subscribers will be better informed before open enrollment. At the May meeting it was decided to contact the College of Business’ marketing department to discuss marketing communications related to continuation of CHIP 2 coverage.
Next year Dental I will be phased out and all participants will be moved to Dental II.
University initiated international insurance to cover faculty, staff, and students who travel overseas. Covers medical claims in places where BC/BS isn’t accepted. Dependents accompanying the traveler can be added to the coverage. An email with details was sent out about a month ago.
Discussed complementary medicine (acupuncture, massage, etc., which aren’t currently covered. They are, however, eligible for reimbursement under the healthcare spending account.