As open-enrollment period nears, plan for changes to employee insurance premiums

With health-insurance costs on the rise this year, employers and employees across the country will be seeing higher premiums, including here at Metropolitan State University of Denver. 

The good news is that thanks to the hard work of the University’s Total Rewards Team and other members of the state higher-education consortium that negotiates plans and rates with insurers, MSU Denver will continue to pay for nearly 75% of employees’ insurance premiums. That’s among the highest contribution percentages of the eight higher-education institutions that belong to the Colorado Higher Education Insurance Benefits Alliance (CHEIBA).  

Beginning with December paychecks, employees who enroll in University health plans will see a roughly 12% price increase in overall premium, while dental-plan premiums will increase by about 5% overall. Benefits-eligible employees will have an opportunity to review and make changes to coverage options for 2024 during MSU Denver’s open-enrollment period, which runs Nov. 1-17. 

Until last year, health-insurance premiums rose slowly, or in some cases not at all, because the Covid-19 pandemic kept people at home and reduced doctor and hospital visits for non-Covid illnesses and injuries. 

Next year’s plans will continue to offer the same provider co-payments, with modest increases to deductibles and out-of-pocket maximums. 

Those who enroll in Anthem’s employee-only Blue Advantage HMO/POS (Point of Service) or Prime Blue Priority PPO plans will see a $20 monthly premium increase. Those on a family plan will see a $58 increase. For employees on the high-deductible plan, those increases are $30 and $83 respectively. 

This year, MSU Denver covered both the employer and the employee portion of a roughly 7% premium increase, so employees did not see higher rates. However, after absorbing a significant cost increase last year, the University is not in a financial position to do so again for the upcoming year. MSU Denver will continue to cover the employee costs at the same rate, about 75% of employees’ premiums, absorbing a roughly $2 million impact from the rising rates and other benefits changes. 

Employee premium payments are still lower than they were in 2016. 

Below is a breakdown of premium costs for all health- and dental-insurance options. 

See Anthem Blue Cross Blue Shield 2024 rates

Here are the key plan changes coming next year: 

Blue Advantage HMO/POS Plan   

• Deductible will increase to $500 for individuals/$1,000 for families.
• Out-of-pocket maximum will increase to $3,500/$7,000, and double that for out-of-network out-of-pocket costs.
• There will be a mandatory mail-order requirement for maintenance medications.

Blue Priority PPO Plan              

• Deductible will increase to $600 for individuals/$1,200 for families.
• Out-of-pocket maximums will increase to $3,500/$7,000, and double that for out-of-network out-of-pocket costs.
• There will be a mandatory mail-order requirement for maintenance medications.

HDHP Plan            

• There will be a mandatory mail-order requirement for maintenance medications.
• Overall dental premiums will increase by 5.2%; however, there are no plan design changes.

During MSU Denver’s fall open-enrollment period, benefits-eligible full-time faculty and staff members will have the opportunity to review all coverage options and to make changes for 2024 without experiencing a qualified life event, such as marriage or the birth of a child. 

All open-enrollment changes will take place in Workday. Employees should look out for an Open Enrollment Task in their inboxes. And keep an eye on the Early Bird for more details on next year’s insurance and other employee benefits that will be up for review during next month’s open-enrollment period. 

See October University Planning and Budget Advisory Committee presentation to learn more.

Check out the Benefits Information page within SharePoint and access the Benefits Portal here:  https://mybensite.com/cheiba/

• User ID:  cheiba
• Password:  msudenver

For questions, please contact [email protected].