LEXINGTON, Ky. (April 28, 2015) — The University of Kentucky Benefits Open Enrollment is underway and ends May 15. Open Enrollment gives employees the opportunity to review and update UK benefits.
If employees participate in a flexible spending account (FSA), they need to re-enroll each year. Otherwise, re-enrollment is not generally required unless employees wish to add or change plans or update their level of coverage.
Though UK’s underlying health plan costs have risen, the university continues to commit new funding each year to limit the impact on UK health plan members. Beginning July 1, UK health plan members will see minimal premium increases.
“The underlying costs have remained well below the national average over the past 12 years and will do so again this year,” said Chief Benefits Officer Joey Payne. “The premium increase of only 1.2 percent compared to the PricewaterhouseCoopers medical cost trend of 6.8 percent over the past year is due, in part, to the university’s employees use of internal programs. Over 6,000 University of Kentucky employees have participated in the LiveWell Check In offered through UK’s Health and Wellness program. The university Know Your Rx prescription counseling helps employees and retirees, along with their family members covered on university health plans, save money by using the most cost effective medications, while providing access to needed therapies.”
To learn more about health plan rates and other benefit updates, please visit the Open Enrollment website. Employees with also receive mailings at home and work with more details.