LEXINGTON, Ky. (May 14, 2020) — Open enrollment is the one time a year when all University of Kentucky employees can completely customize their benefits package — only if they want to make changes to health insurance and more.
University of Kentucky’s benefits open enrollment period continues through May 15. The benefits decisions you make during this time will be in effect from July 1, 2020 to June 30, 2021.
To help inform your decisions, HR shares benefits news for the year ahead during this period. These are the highlights:
- No rise in your monthly insurance costs.
- $0 medical telehealth co-pays for all UK health insurance members on any plan.
- Universal life insurance is guaranteed regardless of health conditions.
- New financial well-being benefits for college savings and loan forgiveness.
The biggest news this year is no news: all health, dental and vision insurance plan designs and the monthly costs to employees, called premiums, remain the same. This follows several years of plan additions, upgrades and slight increases to employee costs.
“With the same insurance options to choose from, this is a good time to consider whether you found the right fit for you and your family,” said HR Manager of Benefits Gail Carbol.
UK’s five health insurance plans differ based on how and when you pay and where you can receive care. To help employees explore their best fit, HR provides an online tool called ALEX.
According to national data from the makers of ALEX, the average cost difference between an employee’s most cost-effective plan and second most-cost-effective plan was $642 during the year 2018.
The University of Kentucky is increasingly the first choice for students, faculty and staff to pursue their passions and their professional goals. In the last two years, Forbes has named UK among the best employers for diversity, and INSIGHT into Diversity recognized us as a Diversity Champion four years running. UK is ranked among the top 30 campuses in the nation for LGBTQ* inclusion and safety. UK has been judged a “Great College to Work for" three years in a row, and UK is among only 22 universities in the country on Forbes' list of "America's Best Employers." We are ranked among the top 10 percent of public institutions for research expenditures — a tangible symbol of our breadth and depth as a university focused on discovery that changes lives and communities. And our patients know and appreciate the fact that UK HealthCare has been named the state’s top hospital for five straight years. Accolades and honors are great. But they are more important for what they represent: the idea that creating a community of belonging and commitment to excellence is how we honor our mission to be not simply the University of Kentucky, but the University for Kentucky.