As we prepare for 2021 employee insurance benefits and Open Enrollment beginning Nov. 9, below you will find information about changes to the insurance benefit plan. These changes come as a result of unexpected increases in University healthcare expenses, financial impact due to COVID-19, and a need to stabilize our healthcare spending. While considering our offerings and balancing the impact on faculty and staff, as well as continue to offer affordable coverage, our focus remained:
- To offer comprehensive benefits that are affordable,
- To offer benefits that will assist in recruitment and retention of our valuable work team; and
- To educate our members regarding health care consumerism, our programs, and partners
As a result, NEOMED is pleased to grow our partnership with SummaCare and transition to a fully insured health care product. This partnership would allow us to maintain our excellent coverage, continue to offer a vast network of doctors and hospitals to all the communities in which our workforce resides, and reduce employee premium contributions. Shifting to a fully insured plan also provides the university with the ability to avoid fluctuations in healthcare spending as is commonly experienced with a self-insured plan.
While this change is significant, we are pleased to share that many offerings and premiums will not change: Dental coverage and premiums will remain the same. Vision coverage and premiums will remain the same
- Long-Term Disability and Short-Term Disability premiums will remain the same
- Life insurance premiums will remain the same, unless your age bracket changes
- Wellness offerings will continue, offering an opportunity to reduce your benefit premium costs
So, what can you expect? Here are the highlights:
- The new medical plan is the SummaCare Premier Plan
- The Core plan coverage name is now Medical Core
- Premiums will decrease
- Deductibles remain the same for both in-network and out-of-network
- The out-of-pocket maximums remain the same for both in-network and out-of-network
- Preventive Care visits remain covered at 100%
- Office Visit Co-pays and Wellness visit coverages remain the same
- Med Impact is the new prescription provider
- Drug costs change for a 30-day supply and range from $12 to $60 depending on the Tier of the drug.
- Pharmacy out-of-pocket expenses are now included in your medical out-of-pocket
- The new vendor for the Flexible Spending Accounts for Medical & Dependent Care will be BASIC
To assist faculty and staff in navigating these changes, Human Resources will host and record an informational session on Nov. 4, 2020. This recording will be added to the intranet under the Open Enrollment folder within the Benefit Information & Forms file. Additionally, Karen Tomlinson has set aside the below days and times to answer your questions; please schedule time with her as needed via “Help with Open Enrollment: Click Here” links found on the Intranet.
- Nov. 9, 9 a.m. to noon
- Nov. 12, 11 a.m. to 2 p.m.
- Nov. 16, 1 to 4 p.m.
- Nov. 18, 1 to 4 p.m.
- Nov. 20, 9 a.m. to noon
- Nov. 23, 11 a.m. to 3 p.m.
- Nov. 25, noon to 4 p.m.
Please be sure to complete your open enrollment by Nov. 29.
-Submitted by Karen Tomlinson