October 2022 Workshop: Medicare changes and U of M retiree health plans
The first part of UMRA’s 2022 health plan workshop featured representatives from HealthPartners: Barbara Cox, vice president for Legislative and Regulatory Affairs, and Amy Schultz, director of Medicare Programs. They discussed the changes in Medicare provisions included in the Inflation Reduction Act, which was passed by Congress earlier this year. These changes primarily affect drug coverage. They include:
- Medicare will be allowed to negotiate prices for 60 high-priced drugs;
- insulin and vaccine costs will be lowered in 2023;
- drug manufacturers will be required to give inflationary rebates in 2023;
- the “doughnut hole” in Medicare drug coverage will be eliminated in 2025; and
- Part D premium growth will be capped at 6 percent per year, 2024–30.
Individuals may see some reduction in costs due to these changes. However, the changes are subject to legal challenge and congressional action.
The second part of the workshop was a presentation by Katie Kolodge, health and wellbeing consultant with the University’s Office of Human Resources (OHR). She began by describing the things that set U of M retiree plans apart from other, lower-premium plans. These include:
- richer pharmacy coverage;
- lower out-of-pocket costs and plan maximums for care;
- vendors and plans vetted by the University; and
- the convenience of having plans readily available at retirement
For 2023, there are few changes in the U of M plans. Detailed information can be found in the 2023 Benefits Enrollment Guide, by calling OHR at 612-624-8647, and by talking to individual vendors.
Open Enrollment in the University’s plans continues until November 30. Note that this is earlier than the December 15 ending date for general Medicare Open Enrollment.
During University Open Enrollment, those who already have University plans can continue with those plans, switch to other University plans, or leave the University plans. However, if you leave the University’s plans, you cannot return.
—Ron Matross, UMRA president
Medicare changes and your U of M health insurance options for 2023
Tue, October 18 2022, 11am
Representatives of Health Partners and the U of M Office of Human Resources
Event to be held via Zoom.
The Inflation Reduction Act of 2022 includes significant legislation on prescription drug prices. To understand the potential impact on each of us as individuals, UMRA’s October health insurance workshop will feature a discussion of the legislation and what it means for beneficiaries of Medicare.
Our presenters on this topic will be two experts from Minnesota-based HealthPartners, the largest consumer-governed nonprofit health care organization in the country: Barbara Cox, vice president, Legislative and Regulatory Affairs, and Amy Schultz, director, Medicare Programs.
Staff from the University of Minnesota Office of Human Resources (OHR) will then present their annual update on the University’s retiree health plans, including how the U of M plans compare to other plans, how to get detailed information on specific plans offered through the University, and how the annual enrollment process works.
Following the presentations, workshop attendees will have an opportunity to ask questions of the HealthPartners and OHR presenters.
The workshop will be a virtual presentation via Zoom webinar from 11 a.m. to 12:15 p.m. on Tuesday, October 18. Please register and mark your calendars to attend this important workshop.
Open Enrollment begins November 1.
—Ron Matross, UMRA president
Upcoming Events
The May 20 hike will start at the Historic Lift Bridge in Stillwater and go along the river to the new bridge, cross over and then back on the Wisconsin side, a total of approximately 5 miles. Most of the route is paved. We will eat lunch after at Brian's Bar and Grill in Stillwater. Car pooling will be available.
Climatologist and meteorologist Mark Seeley joined the U of M faculty in 1978 and has been a weekly commentator on Minnesota Public Radio since 1992. We are honored to welcome him as our guest speaker for UMRA’s May Luncheon Forum and 2024 Annual Meeting. He is always entertaining and informative.
UMRA’s Fourth Friday Book Club welcomes back, for the second time, author Julie Schumacher, U of M Regents professor of creative writing and English, for a conversation about her novel The Shakespeare Requirement.
We are in for a treat on June 3! Lynn Anderson, will lead us on trails at two parks near her Monticello home. Bring a bag lunch and we will gather in Lynn's yard along the Mississippi River for eating and socializing after the hike.
Get out to the ballpark with fellow UMRA members for the annual U of M Day at Target Field as the Minnesota Twins take on the Oakland Athletics on June 14 at 7:10 p.m.
Please join us at 9:30 on June 17, 2024 for a walk around Lake Como in St. Paul before attending the UMRA Summer Social and Picnic starting at 11 at the Como Pavilion. A perfect opportunity to get in a walk before we gather to celebrate summer.
Picnic under the covered, open-air Como pavilion, gaze at the water, spy some birds, catch up with friends and former colleagues, and meet new members. We’ll have lunch with plenty of time for visiting and then compete in teams as we are challenged by our Quiz master(s)!
Healthy aging, mindfulness, fighting ageism, and more will be the focus of the third annual Age-Friendly University Day to be held on the U of M Twin Cities campus.