Medical insurance coverage helps you and your family access routine and preventative health care at a reasonable cost and protects against the catastrophic costs of major illness or injury.
The University’s medical insurance program is self-funded. This means that the University pays the total costs of medical claims made against its health-care plans. It does not transfer the claims costs or the risk of claims to a third party (insurer). However, the University has retained the services of Blue Cross Blue Shield of Minnesota (BCBSM) to provide third-party administrative services, such as access to a network of providers, reinsurance protection against catastrophic loss and processing claims.
By self-funding its health-care insurance program, the University effectively serves as its own insurance company, with one important distinction. Unlike some insurers, the University does not price the medical plan to make a profit. Employees who elect to participate in the University’s plans pay a portion of the cost through deductibles and coinsurance. The University pays the remainder of the claim costs.
Eligible employees' paychecks are generally reduced on a pre-tax basis by the amount of their health insurance contribution. This pre-tax plan is governed by Internal Revenue Service regulations and, as a result, there are certain limitations on an enrollee's ability to make changes to coverage levels during the year.
Annual Enrollment is held on a yearly basis during late fall at which time employees can change their medical plan and/or the level of coverage.
Below are a few highlights of each plan:
Before requesting a change to your current election during a plan year, contact a benefits team member to check your eligibility.
More information is available by clicking on the following links:
Medical insurance forms can be found in our Forms Library.