Published to Newsletter on Mar 25, 2024
Open Enrollment is scheduled for April 17-May 3. Detailed information will be sent to you soon. In the meantime, we want to give you a heads up of what to expect for the 2024-2025 Plan Year.
While health care costs continue to rise, UNM Leadership has approved another salary tier expansion for premium contributions for FY25 to help to minimize the financial effect for many plan participants.
Rising health care costs
Health care costs continue to rise nationally and UNM is not immune to the impact. While overall costs are increasing, our self-funded model makes sure that 94% of premiums you pay go directly toward health care claims for you and your fellow plan members. Only 6% of premiums are used for plan administration by entities such as BCBS, Presbyterian, and CVS.
If you participate in long-term care insurance with Unum and/or life insurance plans with the Hartford, there will be a small increase in premiums for FY25.
Salary tier changes
To help offset the cost increases, the salary tiers for premium contributions have been expanded. While the actual dollar amount that employees pay each month is dependent on their enrollment choices and family coverage, many will see a decrease in their percentage of the premium contribution, with UNM picking up a larger portion of the cost. Others will see no change in their contribution percentage. No salary level will see their employee contribution percentage increase.
Refer to the chart below to see the current and new contribution percentages for your salary level. To see the new rates for 2024-2025 plan year and how your monthly payments may change for your salary level, please refer to the medical rate schedule found here .
|
Employee Salary |
UNM Contribution |
Employee Contribution |
|
Less than $45,000 |
80% |
20% |
|
$45,000-$59,999 |
70% |
30% |
|
$60,000 and greater |
60% |
40% |
|
July 1, 2024 Salary Tier |
||
|
Employee Salary |
UNM Contribution |
Employee Contribution |
|
Less than $55,000 |
80% |
20% |
|
$55,000-$69,999 |
70% |
30% |
|
$70,000 and greater |
60% |
40% |
What is NOT changing
Despite increasing health care costs, all copays, coinsurance, deductibles and out-of-pocket maximum levels will remain the same for medical and prescription drug benefits. Also, there will be no change to dental plans through Delta Dental of NM, or vision coverage through VSP.
Expect additional communications from Benefits & Employee Wellness as we get closer to, and throughout, the Open Enrollment period.
Questions? Email us at hrbenefits@unm.edu
Tags: Benefits, OpenEnrollment
