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Dear Â鶹ƵµÀUniversity Colleague:

Next Monday, Oct. 30, we will begin the annual Open Enrollment process for employee benefit selections for 2024. Ahead of that, I am writing today to provide an update on how the University plans to address rising health care costs, and what you can expect with regard to employee contributions (the amount deducted from your paycheck for health coverage) for 2024. In addition, there will be no significant plan design changes for 2024 benefit plans.

Each year, Â鶹ƵµÀUniversity reviews its benefits program and makes revisions based on a thorough evaluation, which includes consideration of the impact on our employees and comparisons to the programs of other employers.

This year, the University, like other employers across the state and country, is seeing rising health care costs. We are taking action to limit the impact of these rising trends on our employees’ costs, especially for our lowest paid employees who need assistance the most. The University will increase its subsidy of the lower contributions under Schedule B and expand eligibility for the program so more employees can qualify. Additionally, the University will not increase deductibles, copays or coinsurance for any employee benefit plan and will hold the increases for employee contributions to below local and national trends. These actions are further detailed below:

• Schedule B Expansion and Rates:
  • Eligibility Expansion: The University will expand eligibility for Schedule B, which has lower employee contribution rates, to allow even more employees to qualify. For 2024, those eligible for Schedule B rates will include:
    • Households of one with incomes under $53,250;
    • Households of two with incomes under $74,550;
    • Households of three with incomes under $95,850;
    • Households of four with incomes under $117,150;
    • Households of five with incomes under $138,450; and
    • Households of six or more with incomes under $159,750
  • Reduced Rates: The University will also increase its subsidy of employee contribution rates under Schedule B to keep costs as low as possible for our lower income employees. The increase for Schedule B rates will be 4.5% for all coverage tiers. The monthly employee contribution increase will range from $6 to $19, depending on plan selection.
• Schedule A Rates: Employee contributions toward health care benefits under Schedule A will increase by 6.5% for employee-only coverage and increase by 8.5% for family coverage, which is below state and national trends. This equates to a monthly increase between $10 and $48, depending on plan selection.
• No Benefit Design Changes: For 2024, there will be no increases in deductibles, copays and coinsurance for any benefit plan.
• Contributions for other benefit plans will either decrease or remain flat for 2024, including a 20% decrease in long term disability rates and no increases in dental, vision and life insurance rates.

Please stay tuned for future communications about and do not hesitate to contact HR Shared Services at 315.443.4042 or hrservice@syr.edu if you have any questions or concerns.

Sincerely,

Andrew R. Gordon
Senior Vice President and Chief Human Resource Officer