Your UT System Benefits: Review and Forecast
The cost of health care nationwide continues to rise at record rates. For the UT SELECT Medical plan, the current claims trend is 9%, and current premium rates are deficient by 5%. What does this mean for you?
- For full-time employees and retirees, premiums will continue to be fully paid by state funding;
- Starting September 1, 2010, premiums for dependent medical coverage will be increasing, accompanied by benefit plan design changes to distribute costs among everyone;
- The annual deductible for in-network services will increase from $250 to $350 and the out-of-pocket maximum per person will rise from $1,750 to $2,500.
- for in-network services will increase from $250 to $350 and the out-of-pocket maximum per person will rise from $1,750 to $2,500;
- Starting September 1, visits to the emergency room will cost $150, an increase of $50;
- Bariatric Surgery will require a $5,000 separate deductible.
Is there any good news? Yes, compared to many health care plans, your UT SELECT Medical coverage is full of features that ultimately save you money:
- Referrals are not required for visits to medical specialists.
- You only pay a copayment for a specialist office visit, not deductible and co-insurance.
- You have access to a toll-free access to a “24/7 Nurseline” (1-888-315-9473).
- Preventive colonoscopy benefits are paid at 100% (no copayment required).
- Lab and x-ray charges are covered at 100% (included in office visit copay).
- You have a ccess to a wide array of wellness programs, plus disease management plans.
What is new starting September 1, 2010?
- Life and AD&D rates are decreasing.
- Basic Life insurance, provided free with your UT SELECT Medical coverage will DOUBLE from $10,000 to $20,000 for employees and from $3,000 to $6,000 for retirees.
- Basic AD&D coverage for employees, provided free with your UT SELECT Medical coverage will DOUBLE from $10,000 to $20,000.
- UT retirees may elect $3,000 in Life insurance for their covered spouse (Retiree must have Voluntary Group Term Life for spouse to elect Voluntary Life; Evidence of Insurability will be required for Retiree Spouse coverage).
In an environment of uncertainty, we must all take steps to manage the costs of the UT SELECT Medical plan. The Office of Employee Benefits is proud of the fact that our administrative costs are less than half of the national average. Still, we take seriously the obligation to offer a robust benefits package to the entire UT System family, and to provide health & wellness tools and resources necessary for individuals to effectively manage their health.
What can you do to help reduce costs?
Be a responsible health care consumer by scheduling annual well visits to your doctor, by utilizing available resources such as smoking cessation, weight management, and online exercise and nutrition programs, and by making it a priority to live well.
If you would like a specific topic discussed or have a question you would like answered in a future issue of this newsletter, please send your suggestions to email@example.com.
UT System Employee Benefits Web site: www.utsystem.edu/benefits/
UT System Retirement Programs Web site: www.utretirement.utsystem.edu
Your Local Benefits Office: www.utsystem.edu/benefits/contacts/#1