Missouri State University has a self-funded Health Coverage Plan. This means the university provides health coverage to employees using university funds.
The university pays for between 64% to 92% of health care premiums depending on the insurance option selected.
Each year, MSU and Med-Pay compare the total amount in claims against the total paid in premiums from university employees and the amount the university subsidizes. This is used to determine how much health insurance costs increased.
Since the plan began in 2019, health care costs have increased 16.6% for employees on the base plan and 27.1% for employees on the buy-up plan.
During that same period, premiums for the base plan haven’t increased at all and premiums for the buy up plan have increased 7%.
See chart below of historical rate changes.
|HISTORICAL RATE CHANGES|
|YEAR||BASE PLAN COST INCREASE
||BASE PLAN EMPLOYEE RATES||BUY-UP PLAN COST INCREASE
||BUY-UP PLAN EMPLOYEE RATES|
Rates increasing to adjust for higher expenses
While no one likes price increases, it’s important to know rates have not increased to keep up with inflation and higher expenses. The base medical plan has not received a rate increase since its inception in 2019. And, there’s only been one premium increase of 7% in the buy-up plan since 2019.
The university was deliberate in keeping premiums low during the COVID-19 pandemic; however, it’s now necessary to increase premiums to meet the higher expenses.
While the plan will incur a premium increase for 2024, monthly rates continue to be below average market rates.
New 2024 Health Plan and Prescription Premium Rates
Rates shown without wellness incentive. Wellness incentive reduces premiums up to $30 monthly.
|2024 Base plan = Monthly premium||2024 Buy-up plan = Monthly premium|
|Employee Only||$42.00||Employee Only||$93.00|
|Employee + Spouse (domestic partner)||$399.00||Employee + Spouse (domestic partner)||$511.00|
|Employee + Child||$294.00||Employee + Child||$388.00|
|Employee + Family||$457.00||Employee + Family||$577.00|
Cost containment suggestions
There are a number of actions employees can take to keep their health care costs as low as possible.
- Participate in employee wellness activities, preventative screenings and overall health improvement.
- Comparison shop health care, when appropriate. It may be surprising to learn how different services (especially RX) can vary widely in price before insurance discounts and payments are applied.
- Utilize Magers and other PPO contracted providers where discounts can be obtained.
- Action: Review your benefits package.
- Are you on the correct plan for your family needs or are you over or under covered?
- Review supplemental benefit plans, such as the Accident or Critical illness coverage, which may help reduce your financial burden if you incur personal claim costs.
- Participate in the annual wellness incentive activities to receive $30 incentive toward monthly premium rate.
- If appropriate, make changes during open enrollment, Nov. 1-Dec. 1.
No rate changes for 2024 Dental Plan
|2024 Dental plan = Monthly premium|
|Employee + Spouse (domestic partner)||$27.25|
|Employee + Child||$21.22|
|Employee + Family||$42.78|
If you have questions, contact HRBenefits@missouristate.edu