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TO: |
Board of Trustees |
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THROUGH: |
Jay Fox, Executive Director |
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FROM: |
Kim Shanklin, Chief People Officer |
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PRESENTER(S): |
Kim Shanklin, Chief People Officer |
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Ann Green-Barton, Director of Total Rewards |
TITLE:
title
2024 - 2025 Benefit Plan Year Renewals Overview
end
AGENDA ITEM TYPE:
Discussion
RECOMMENDATION:
Discuss the 2024 benefit renewals and overview the benefit changes/additions for the 2024-2025 benefit plan year.
BACKGROUND:
UTA completes the RFP process to award contracts to carriers to provide UTA employees the benefit plans currently offered. Once the contract is awarded, UTA completes benefit renewals annually for the upcoming benefit plan year. During the renewal period, the benefit offerings are reviewed, benefit changes/enhancements are discussed, and the renewal rates are negotiated and decided upon. UTA’s benefit consultant group, GBS Benefits, assists UTA in maintaining valuable benefit offerings and identifying benefit enhancements to enrich the benefits package. GBS works directly with the carriers during renewals to negotiate fair renewal rates based on the group’s utilization.
DISCUSSION:
The 2024 benefit renewals resulted in the following:
• Medical Renewals -
o No changes in medical networks, plans, visit co-pays/frequencies, out-of-pocket maximums, pharmacy deductibles or co-pays
o Finalized renewals at 3.81% combined increase
• Dental Renewal -
o No change in dental networks, plans, or premiums
o Finalized renewal at 0% increase
• Vision Renewal -
o Change in carrier to EMI Health
• Life/AD&D, Disability, Supplemental Insurance/Voluntary Benefits Renewals -
o No changes in carrier, plans, or premiums
o Finalized renewals at 0% increase
2024-2025 Benefit Plan Year Changes/Enhancements:
• Changed vision insurance carrier to EMI Health
o Access to larger network of providers for services
o Increase in benefit allowance/reimbursements for hardware
• Partnered with EoS Fitness, changed current group VASA memberships to self-pay
• Added pet insurance with PetsBest
• Added cell phone discount plans
• Increased voluntary life and AD&D maximum limit to $500,000 for employee coverage
• Maintained minimal increase to employee medical premiums, no other plan premium increases for the 2024-2025 benefit plans
ALTERNATIVES:
Instead of accepting the renewal rates, we could go to RFP or stop offering the benefits.
FISCAL IMPACT:
The benefit costs are programmed in the 2024 budget. We remain within the original contract not to exceed values for all benefits.
ATTACHMENTS:
None