Changes take effect: July 1, 2023 to June 30, 2024
Open enrollment is your once-a-year opportunity to make certain benefits changes. It’s the only time all employees can change health insurance, re-enroll in flexible spending accounts, and add more coverage from our benefits package. That’s three decisions — only if you want to make them.
Each year, we work to keep costs as low as possible while enhancing quality and providing outstanding coverage.
In the 2022-2023 fiscal year, UK invested more than $186 million in health care coverage for our employees. And this coming year, following persistent inflation and higher utilization of our plans, we will invest even more – a record of approximately $198 million in health coverage, pending Board of Trustees approval in June.
At the same time, some health insurance plans will see modest increases in premiums and modest plan adjustments due to continued rising costs and increased utilization. The board will consider these rates as part of the proposed university budget:
- The UK HMO plan will include a $5 increase per month for individuals and a $10 increase for families.
- The UK PPO plan will see its monthly rate increased by $10 for individuals and $20 for families.
- The UK RHP and EPO plans will also have increases to the monthly premiums.
- The Health Saver Plan will not include any increases in premiums.
- Likewise, monthly costs for vision and dental insurance will remain the same.
UK continues to pay the bulk of the total cost of each health plan – up to 94 percent in some cases – and our plans are highly competitive compared to benchmarks.
If you take no action during open enrollment:
- You’ll keep the same insurance plans
- No money will be deposited into your flexible spending account if you have one
