Study benefits packages carefully

“There have been significant changes across most of the health care plans,” Buckley says, “meaning that last year’s choices may well not be the best this year.

“I would suggest that employees think about their health care use in previous years, including covered family members, and how that experience is likely to compare with the coming year,” Buckley says. “Taking into account monthly premiums, deductibles, copayments, and out-of-pocket maximums, they can use their previous experience to compare the potential costs of participating in the various plans offered by the University.

“Obviously, none of us knows what the future holds, but this method provides one way to compare the several choices,” she adds. “An overall cost estimate, of course, might be just one of many factors that leads to selection of a specific plan.”

All staff and faculty who participate in the flexible benefits program should have their open enrollment forms for the program, which were mailed in mid-October. The open enrollment period is the only time during the year when staff and faculty across campus can switch health care plans and other benefits options. Those who do not fill out a new form will go into 2003 with the same plans as in 2002, with no option to change until next fall unless they experience a change in status, such as marriage, divorce, birth of a child, or death of a spouse or partner.

Most faculty and staff will see up to double-digit increases in premiums for most health care plans, as well as increases in deductibles, copayments, and maximum out-of-pocket rates. Even with difficult budget circumstances, the University was able to increase its contribution to flexible credits, but it was not high enough to shield staff and faculty from the increased rates. Depending on plan selection, the new premium rates could have a noticeable effect on staff and faculty members’ benefit costs, including fewer dollars in flexible spending accounts.

Central administrators, deans, faculty and staff leadership, and the Funded Retirement Insurance Committee are working together to find better solutions for the future.

“This year, it’s crucial that staff and faculty members look closely at their options and do the math to figure out their best options for the coming year,” Buckley says.

The deadline for making a selection is Nov. 22. Employees may fill out the election forms sent in the mail or use the Self-Service Site on the human relations web page to select electronically.

Article by Charles S. Drum