nmtdonor210.3.17

 

himg_default_02.jpg

Health Insurance Changes Proposed

SOCORRO, N.M. September 11, 2014 – New Mexico Tech is considering changes to the health insurance for the 2015 calendar year. The Board of Regents will consider the following options.

Also, the annual Benefits Fair, organized by the Human Resources Department, will be Wednesday, Nov. 12, in the Fidel Center.

New Mexico Institute of Mining & Technology

Benefit Trust/Proposed Health Plan Changes

 The proposed changes to the health plan for the 2015 calendar year are changes that are in compliance with the Affordable Care Act and,

Keep the plan affordable for employees

Keep the plan affordable to NMT, in light of other financial demands

The following list includes the proportion of premium payments divided between New Mexico Tech and participating employees and indicates an increase in the portion paid by New Mexico Tech; previous percentages are in parenthesis:

            Salary Brackets     % NMT Contribution        % Employee Contribution

            $15,000 –  19,999       80%    (70%)                       20%   (30%)

            $20,000 –  24,999       70%    (65%)                       30%   (35%)

            $25,000 and greater    60%    (60%)                       40%   (40%)

HealthCare Reform Mandate

Maximum Out of Pocket - $6,600 Individual / $13,200 Family

Prescription Drug co-pays required, apply toward the Out of Pocket Costs

Recommendation:

            All three Medical Plans have the same Prescription Drug Benefits

            Implement a separate Out of Pocket Maximum for the Prescription Drug co-pays at $3,000 / $6,000

            Plan 2 - $1,000 Deductible - $3,000 / $6,000 Out of Pocket

            Plan 3 - $1,500 Deductible - $3,500 / $7,000 Out of Pocket

Employees and spouses participating in the wellness program will receive $250 ach as credit on the plan deductible for calendar year.

All other benefits within the schedule of benefits for health, dental, and vision will remain the same as current year benefits.

Other Recommendations

             Premiums will increase to offset claims’ cost and administrative costs as follows:

Plan 1-     Possible elimination of Plan 1 due to cost of Plan 1 with proposed 20% premium increase if offered.

Plan 2 -     8% premium increase

Plan 3 -     8% premium increase

– NMT –