Open Enrollment this year will begin Monday, October 28, and will end at 5 p.m. on Friday, November 8. Benefit elections and plan changes will go into effect on January 1, 2014.
Following are the important benefit changes going into effect on January 1, 2014.
• Long-Term Disability (LTD) plan coverage will be improved in 2014 and will be included in Open Enrollment this year. An extremely important plan, LTD provides up to 65 percent income replacement on covered base salary and benefits continuation if a faculty or staff member becomes totally disabled and can no longer work. LTD is usually not included in Open Enrollment and eligible faculty and staff can enroll at any time with approval based on a statement of good health. Because of enhancements to the Expanded LTD plan, the university is offering this one-time opportunity to enroll without proof of insurability.
• Co Pays will increase for both Medical and Prescription Drug Co Pays effective January 1, 2014.
• Opt-out credit of $66.67 will be eliminated effective January 1, 2014. The opt out credit is available to employees who currently waive out of U of M health benefits.
Both Open Enrollment Benefit Forum sessions will provide important information regarding the benefits plans that are affected during open enrollment as well as information regarding changes to plans that can be made anytime throughout the year.
