State treasurer Dale Folwell – who also oversees the health plan for state employees – had some good news for plan consumers this week:
State Treasurer Dale R. Folwell, CPA, and the State Health Plan (Plan) Board of Trustees today approved, for the sixth straight year, no premium rate increases for State Health Plan active members for the 2024 benefit year, which begins January 1, 2024.
“I’m delighted that we’re able to maintain active member premiums, especially family premiums, with no increase for the next benefit year,” said Treasurer Folwell. “Our members continue to work tirelessly as teachers, state employees and public servants and they deserve stability in what they pay for this valuable benefit.”
Medicare-eligible members on the Humana Group Medicare Advantage Plans will also see no changes in their premiums. The Medicare Advantage Plans has zero costs to taxpayers and offers spousal coverage to eligible members for only $4, compared to $425 on the Base PPO Plan (70/30).
“With Open Enrollment approaching this October, I encourage Medicare-eligible members on the Base PPO Plan (70/30) to take another look at our Humana Medicare Advantage Plans, which can save them money each month,” Folwell said. “When Medicare members take advantage of these plans, it places the State Health Plan on a more financially sustainable path.”
Active and non-Medicare members will be automatically enrolled into the Base PPO Plan (70/30) for the 2024 benefit year. Members that want to reduce their premium in either plan option or want to enroll in the Enhanced PPO Plan (80/20) will need to take action during Open Enrollment, which will take place Oct. 9-27, 2023.
Earlier this year, Treasurer Folwell announced that the Plan saved $47 million by enrolling 9,975 additional members into the Humana Medicare Advantage Plans. Currently, 87% of retirees over 65 have taken advantage of these plans.
The State Health Plan, a division of the Department of State Treasurer, provides health care coverage to more than 740,000 teachers, state employees, retirees, current and former lawmakers, state university and community college personnel, and their dependents.