College Growth - wofford.edu

College Growth - wofford.edu

WOFFORD COLLEGE HEALTH INSURANCE UPDATE Chris Gardner, Chief Financial Officer Chee Lee, Director of Human Resources Plan Cost vs. Employee Premiums 6,000,000 5,000,000 4,000,000 3,000,000 2,000,000 1,000,000 - 2016 2017 Plan Cost

2018 EE Premiums 2019 2020 (Projected) Plan Cost Per Covered Employee 14,000 12,000 10,000 8,000 6,000 4,000 2,000 - 2016

2017 2018 2019 2020 (Projected) 25.0% Employee Cost Share Plan Cost Per Covered Employee 20.1% 20.0% 18.2% 17.2% 17.5% 2018

2019 16.3% 15.0% 10.0% 5.0% 0.0% 2016 2017 2020 (Projected) 25.0% Employee Cost Share (Proposed) Plan Cost Per Covered Employee 20.1% 20.0%

18.2% 19.0% 17.2% 17.5% 2018 2019 15.0% 10.0% 5.0% 0.0% 2016 2017 2020 (Projected) WOFFORD HEALTH BENEFITS

Whats NOT changing? HEALTH INSURANCE Schedule of Benefits Individual In Network Deductible 2015 2016 2019 $500 $750 $750 Family In Network Deductible $1,50 $2,25 0 0 $2,25 0

Individual Out of Network Deductible $1,00 $1,25 0 0 $1,25 0 Family Out of Network Deductible $3,00 $3,75 0 0 $3,75 0 Physician Office Visit Copay $25 $30

$30 Specialist Office Visit Copay $25 $50 $50 Individual Out of Pocket Maximum In Network $3,50 $3,75 0 0 $3,75 0 Family Out of Pocket Maximum In Network $9,00 $9,00 0

0 $9,00 0 Individual Out of Pocket Maximum Out of Network $4,00 $4,25 0 0 $4,25 0 Family Out of Pocket Maximum Out of Network $10,5 $10,5 00 00 $10,5 00 Coinsurance - In Network

80% 80% 80% Coinsurance - Out of Network 60% 50% 50% Dental Insurance VOLUNTARY HEALTH & WELLNESS PROGRAM Voluntary wellness program-required health assessment and optional maintenance activities to promote and maintain a healthy lifestyle to avoid health problems including prolonged or chronic conditions

Incentive = $100 monthly credit towards health insurance premium Current participation = 97%!! WOFFORD HEALTH BENEFITS What IS changing? HEALTH INSURANCE Current Employee Premiums Base Salary Total Premium (EE & ER) COBRA RATE Employee Only $829 Employee

& Spouse $1,660 Employee & Children $1,399 Family $2,228 Tier 1 Tier 2 $0 $31,901 $31,900 $63,800 Tier 3 $63,801$92,600 Tier 4 $92,601 + $116

$132 $163 $195 $441 $483 $525 $567 $384 $415 $447 $478 $552 $604

$657 $709 $698 $1,397 $1,177 $1,875 HEALTH INSURANCE / Employee Premiums WOFFORD COLLEGE HEALTH INSURANCE UPDATE Chris Gardner, Chief Financial Officer Chee Lee, Director of Human Resources SELF-FUNDED VS FULLY INSURED

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