University retiree health insurance for 2025 and beyond
Tue, October 15 2024, 11am
Katie Kolodge
Health and wellbeing consultant
Office of Human Resources, University of Minnesota
Event to be held via Zoom.
Make sure you register to attend UMRA’s October 15 Living Well Workshop via Zoom on University retiree health insurance. This year, Katie Kolodge, health and wellness consultant in the U of M Office of Human Resources (OHR) and a frequent presenter for these annual workshops, will provide an update on health insurance plan changes for 2025, including changes in federal law impacting prescription drug coverage. This will be the familiar information we rely on for our annual Open Enrollment choices.
But there’s more! For 2026, the health insurance picture for U of M retirees will change considerably. The October presentation will explain the significant changes coming in 2026. The University will change from offering insurance plans exclusively for U of M retirees to providing a health insurance marketplace with navigators to help retirees choose from a larger number of health insurance options. The expectation is that the choices available through this new “exchange program model” will offer a wider variety of premium options and will allow individual members to target the benefits that matter most to them personally.
If you would like to submit a question in advance, email Wendy Pradt Lougee, who will be moderating the Q&A during the webinar.
Reasons for the change are straightforward. The relatively small number of participants in the U of M-dedicated health insurance plans (the current model) was resulting in higher premium costs for retirees. A primary benefit of the U of M-dedicated plans was strong pharmaceutical coverage. But a change in federal law means that as of 2025 a new $2,000 out-of-pocket cap will be applicable to all covered Medicare Part D drugs. Thus, a primary incentive for separate University retiree health insurance plans has been removed.
Be assured UMRA has been included in the planning for this change. UMRA members Russell Luepker and Nancy Felton serve as our representatives on the University Senate Benefits Committee, and they are participating in the University’s request for proposal task force. For more information, please go to the Retiree Medical Plan Change RFP website OHR has established for retirees about this 2026 health insurance change.
The only decision UMRA members enrolled in U of M health insurance plans will need to make this fall is whether to continue their current insurance for 2025 (no action required) or to change their coverage.
The information about 2026 is intended to keep you informed well in advance of the actions you will need to take next year for 2026 insurance coverage.
Please register now for this workshop at 11 a.m. on Tuesday, October 15, via Zoom, mark your calendars, and be sure to attend this important presentation on University retiree health insurance plans.
—Julie Sweitzer, UMRA president
Upcoming Events
Our October 7 hike will be a reprise of our hike last summer at William O'Brien State Park. This is a beautiful park with a winding trail and a great view of the countryside. The hike is about 5.5 to 6 miles and we'll go at a moderate pace with frequent water breaks. After the hike, we will eat lunch at Rustic Roots Winery, a half mile north of the park.
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Our annual workshop on Open Enrollment for University retiree health insurance plans for the coming year will include information about changes in federal law impacting drug coverage in 2025. The presentation by Katie Kolodge will also include a preview of changes ahead for 2026, when the U will introduce a new “exchange program” offering a wider variety in premium and plan options to choose from and navigators to help guide your decision-making.
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The Kerlan is one of the world’s leading collections of rare books, manuscripts, and original art of children’s literature. It contains the work of more the 1,700 authors and illustrators from the 19th and 20th centuries to today, and it is the founding and largest collection within the University’s Children’s Literature and Research Collections.
Group of tickets is reserved for us. Enjoy discounted tickets and attend with your fellow UMRA Members! Time is to be determined.
Presented by Andy Whitman, PhD, Licensed Attorney, Tax Preparer & Volunteer Financial Planner at Prepare + Prosper.
Choose the moves that are right for you. Everyone's tax situation is different, consult with a tax professional to come up with a financial plan well before year end.
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Planning meeting for 2025.