Gearing Up for Open Enrollment: What’s New and What’s Staying Same
Landing a job at Penn comes chock-full with perks, including exceptional health benefits. But what employees chose for coverage last year might differ from what they want for the year ahead. That's where Open Enrollment comes into play.
Every spring, the
Typically, employees see their medical rates increase, but this year, costs for medical plans, and the plans themselves, will stay the same. They include the PennCare/Personal Choice PPO; Aetna Choice POS II; Keystone/
"It's always challenging, if not almost impossible, for organizations to keep medical rates flat, so I am thrilled that Penn's medical plan rates will not increase and there are no plan design changes," says Vice President for HR
Although the health care market in general has experienced a six percent medical cost inflation throughout the past few years, Penn's plan costs have been much lower than the industry trend. Plan design changes, a favorable claims experience, enhanced prescription drug management, wellness initiatives, and better employee consumerism have resulted in this positive trend in cost.
"Every year, we look at what the cost of our benefits have been, and work with experts who help us determine what the costs will likely be in the future," says
Rate increase or not, it's still important to take the time to reassess medical benefits, says Sproat.
"Although you hope you never have to use it, or you don't use it very much, it's still a big financial decision," she says. "Each of the plans offer a different type of methodology of getting insurance, and you should really look and see at this time in your life what is the best one for you and your family."
The only other time throughout the year that alterations can be made to benefits is if an employee experiences a qualifying life event--for instance, if he or she gets married, turns 26, has a child, or gets divorced.
During Open Enrollment, faculty and staff may also want to consider changes to their life insurance and review or update their beneficiaries. Employees may enroll in retirement savings at any time throughout the year.
An Open Enrollment mailing has been sent to employees, and discusses adjustments that have been made for the 2018-19 plan year, including a name change for the Penn Dental Plan to Penn Family Plan, improvements to fertility benefits, a change in the flexible spending account limit, and some modifications to the Health Savings Account family maximum contribution. Part-time staff should stay tuned for more information detailing Penn's Aetna POS II Standard Plan (formerly called the ACA plan).
Five Open Enrollment presentations and Q&A sessions for faculty and staff will take place on campus in the coming weeks. The first is on
Two wellness fairs--one at Houston Hall and the other at the New Bolton Center--will take place at the end of April. Representatives from Penn's health care providers and administrators will be on site to share information.
Check out related, upcoming events and register for them on the HR website. https://www.hr.upenn.edu/PennHR/learn-grow/trainings-courses-and-webinars/onsite-programs
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