Open Enrollment at CC: What to Know This Year
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Open enrollment for Colorado College benefits begins today, May 1, and runs through Sunday, May 31. This year there are a few important updates that may affect your selections and rates, so it’s a good time to review your coverage carefully.
One important note: we are transitioning from The Hartford to Sun Life for life insurance and leave administration beginning July 1. As part of this transition, all employees must log in and make an election during open enrollment. This is especially important if you currently have optional life insurance and want to keep it: you must make an active election, as this coverage will not carry over automatically this year. Please be sure to log into the benefits portal during the enrollment period to review your coverage and make any needed updates.
As you review your benefits, you will notice some changes to medical rates and plan design. Here are the key updates:
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- Sun Life transition (effective July 1):
- Moving from The Hartford to Sun Life for life insurance and leave administration
- More flexible optional life insurance options, with coverage amounts not tied to salary
- Simpler claims process and improved online experience
- Because the program has been redesigned, optional life insurance must be actively elected this year
- Medical plan changes:
- Costs are adjusting closer to market levels, even as the College continues to cover most of the overall cost
- Employee-only plan rates will decrease
- Rates for plans that include spouses or dependents will increase
- The high-deductible plan remains available
- What’s not changing:
- Dental and vision plans remain the same
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Why Medical Plan Rates Are Changing
In past years, increases have remained well below the national average. This year, rates are adjusting more toward market levels, even as the College continues to cover most of the overall cost. What you pay will depend on your coverage tier. Employee contributions for employee-only medical plans are decreasing, while employee contributions will increase for those covering spouses or dependents. This shift more closely aligns plan costs with the level of coverage being used, helping distribute contributions more equitably across plans. The high-deductible plan remains available. There are several reasons why costs are going up:
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- As a self-funded plan, the College pays claims directly and adjusts rates to keep the plan sustainable
- Over the past several years, claims have exceeded what the plan collects, and adjusting rates is one of the final steps taken to keep the plan sustainable.
- National increases in healthcare costs
- Increased use of specialty medications
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How CC’s Self-Funded Plan Keeps Costs Down
CC’s health plan is self-funded, which means the College pays for medical claims as they occur rather than purchasing a traditional insurance plan. This approach gives us more flexibility in how the plan is designed, allows us to respond more thoughtfully to the needs of our community, and helps ensure that dollars are spent directly on care for our employees and their families rather than on unpaid premiums. Some of the benefits of a self-funded plan are:
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- More control over plan design, allowing CC to shape benefits around the needs of our community
- Potential for more stable, long-term cost management by avoiding some of the added costs built into traditional insurance plans
- Flexibility to adjust the plan year to year as needs and priorities evolve
- Ability to invest in targeted programs like preventive care, mental health support, and chronic condition management
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If you have questions or would like help walking through your options, Gina Lujan and I will be hosting open office hours during the enrollment period.
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Open Enrollment, which runs May 1-31, is an important time to take a fresh look at your benefits and make sure your coverage still fits your needs. You should have received a message early this morning from Business Solver with more details, including how to access the portal and key deadlines. If you have not received this email, please reach out to me for assistance.
Warmly,
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Director of Total Rewards
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14 E. Cache La Poudre St. | Colorado Springs, CO 80903 US
You are receiving this email because you are a member of the Colorado College community. Thank you for the important work you do each day.
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14 E. Cache La Poudre St.
Colorado Springs, CO 80903
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