LEXINGTON, Ky. (April 24, 2017) — University of Kentucky’s annual benefits open enrollment begins April 24 and continues through May 12. This is employees’ annual opportunity to tailor their benefits package to their and their family’s needs.
Employees do not need to take any action if they do not wish to make any changes to their benefit plans. However, anyone enrolled in a flexible spending account must re-enroll every year. Only up to $500 in unused funds from a flexible spending account will roll over to the new benefits year that begins July 1.
Employees may make their benefits selections online through myUK. More information on 2017 benefits open enrollment, including rates and coverage details, is available on the UK Human Resources website.
The portion employees pay for their health coverage will not change for the UK-HMO (health maintenance organization), UK-RHP (regional health plan) and UK-PPO (preferred provider organization) plans. The UK-EPO (exclusive provider organization) plan will have a monthly increase of $13 to $55, depending on the coverage level.
To understand some of the differences among the plans, watch this video from Financial Well-Being Officer Todd Macaulay.
Rates for dental and life insurance plans will remain the same. Rates for accidental death and dismemberment insurance and vision coverage will decrease slightly.
UK’s vision plans will now offer some increased benefits for contact lenses and contact lens fitting, as well as increase benefits for progressive lenses.
This year, Aetna is the new carrier for UK’s life insurance plans. Aetna will now offer coverage equaling up to eight times your annual salary. This year is employees’ one-time opportunity to enroll if they do not currently have voluntary life insurance. New participants can enroll for one times their salary, up to $375,000, without providing health information to Aetna to evaluate insurability. Current voluntary life insurance participants can increase their coverage by one multiple of their salary to a maximum of three times their salary or $375,000, whichever is lower, without providing health information.
Aetna will also offer two new coverage levels for dependent life insurance — $25,000 and $30,000. This is employees’ last chance to increase coverage without providing health information. If a spouse is not currently enrolled, employees may elect up to $20,000 in coverage without providing spouse health information. Spouses currently enrolled can increase to $20,000. Spouses enrolled for $20,000 can increase coverage to $25,000 without providing spouse health information.
Aetna has created a dedicated website about life insurance for UK employees.
UK will also now offer an employee plus spouse option for accidental death and dismemberment insurance. Previously, this coverage was only available as employee only, employee plus children or employee plus family.
This year is also employees’ one-time opportunity to enroll in short-term disability insurance without providing health information if they did not elect it when they were first hired. Employees may enroll for up to $1,000 per month in coverage without answering any health questions. They may also increase short-term disability coverage if they have not updated their salary information. For more information on this and other voluntary insurance plans, visit The MPM Group.