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How do health insurance costs for Duke employees
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Enroll for Health and Dental Benefits Oct. 4 - Oct. 16
Duke's annual open enrollment for health and dental benefits as well as cost-saving reimbursement accounts will be held from Oct. 4 - Oct. 16. During this period, all faculty and staff should review their health and dental benefits to ensure their selections continue to meet their needs during the coming year. Those who wish to take advantage of tax savings through the health care or dependent care reimbursement accounts for 2005 must enroll or re-enroll for these accounts, as participation does not automatically continue from year to year.
For 2005, Duke will continue to offer four health plans from which to choose - Duke Select (HMO), Duke Basic (HMO), Blue Care (HMO), and Duke Options (PPO). Each health plan includes pharmacy and mental health coverage as well as innovative health promotion programs such as Duke Prospective Health. Faculty and staff will receive personalized open enrollment packets in September that include detailed information on all four plans.
Lois Ann Green, director of Benefits, said that employees should review this information closely and, if desired, make any changes necessary during open enrollment.
"Since each employee's situation and needs are different, Duke offers a wide range of choices and coverage options to help meet the diverse needs of our workforce," said Green. "When reviewing Duke's health plans, it is important to compare coverage, out-of-pocket expenses as well as premiums, and pharmacy benefits to be sure you make the best choices for you and your family. In addition, faculty and staff should consider their co-pays, co-insurance and other medical or dependent care expenses not covered by insurance to determine whether they may benefit from enrolling, or reenrolling if they are currently participating, in a reimbursement account for 2005."
Did You Know?
- Duke covers about 85 percent of the total premium for employees and about 50 percent of the total premium for family members enrolled in Duke Select, which covers the majority of Duke health plan participants.
- The average annual health care cost per person covered by one of Duke's four health plans is about $2,800, but with Duke's health benefits, participants only pay a small portion of that cost.
- The average annual cost of prescription drugs is about $747 per person. But participants only pay an average of $174, with Duke's pharmacy benefits covering the majority of the cost.
- This year, Duke expects to pay out $130 million in health claims for faculty, staff and their family members - which is $13 million more than the previous year.
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