Due to the spiraling costs of medical insurance programs nationwide, the College's Planning and Priorities Committee determined that Union's contribution toward Medical Flex Dollars will decrease by 5 percent, effective Jan. 1, 2006.
Under the new arrangement, Union will absorb 93.5 percent of the cost for individual coverage and 86.5 percent for two-person and family coverage.
As a result of the reduction in medical flex dollars, employees will incur an additional $186 for individual coverage, $349 for two-person coverage, and $477 for family coverage. Employees Opting Out of the medical plan will receive a $38 reduction. Participants in the dental and vision plans, however, will pay less for these benefits due to a slight reduction in the employee premium.
To ease the financial burden on those at lower salary levels, the College is increasing its contribution percentage in the Flex Rebate Program from 50 to 75 percent. The College is also raising the household income eligibility level from $50,000 to $60,000, with a phase-out beginning at $40,000.
A recent comparative analysis by Human Resources on the cost share percentages at other like institutions revealed that Union covers a greater share of insurance costs for its employees. While escalating healthcare premiums mandate these increases in employee contributions, the College remains committed to providing a comprehensive, competitive benefits package.
For more information about these policy changes and/or the Flex Rebate program, please contact Human Resources at ext. 6108.