To: Faculty and Staff
From: President Ashish Vaidya
Subject: Medical Premium Freeze for 2022
Over the past few years, our campus community has been challenged in unprecedented ways. Together, we have navigated every challenge to continue to serve our students and the community. We know you - our dedicated faculty and staff - are committed to making NKU a student-ready, dynamic and inclusive campus.
And we are committed to investing in you. We continue to make efforts to attract and retain the best talent. Some examples initiated in FY21 and FY22 include:
Despite the many challenges that still prevail, we are dedicated to investing in our most important resource – our people. Therefore, I am pleased to announce an additional initiative for 2022:
NKU’s healthcare costs mirrored the national trend of an increase of 5.3% from 2019 to 2020. This continues a two decade trend in healthcare premium increases for employer-sponsored plans. On average, US employers cover between 66% -78% of the total cost of medical premiums. NKU covers approximately 86% of the total medical premiums. For 2022, with the medical premium freeze NKU will be covering closer to 90% of the total medical premiums.
While the medical premium freeze is not sustainable long term, we have made some changes to our existing benefits plans to help curb future costs, including eliminating the HDHP 1500 plan. This plan was introduced in 2018 as a temporary option to help those in our POS and HMO plans ease into a consumer driven health plan. We are also increasing the coinsurance for the HDHP 2500 plan from 10% to 15%.
You can help control the healthcare costs for both you and the university by taking advantage of the benefits programs already offered.
Other ways to keep all of our claims low include:
We have accomplished so much thanks to your efforts, and I want to share my gratitude for your outstanding work serving our students each day. You are an integral part of our university that allows us to focus on realizing our vision of becoming a regionally engaged, student ready university. Thank you.