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Arkansas State University Benefits Update October 6, 2017

Stay informed about the FY 2018 budget and cost drivers for Arkansas State University's benefits, including medical inflation, large cost claimants, specialty drugs, and more. Explore funding options and compare out-of-pocket costs. Contact Jennifer Smith for more information.

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Arkansas State University Benefits Update October 6, 2017

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  1. Arkansas State UniversityBenefits UpdateOctober 6, 2017 Jennifer Smith, MBA Associate Vice President for Benefits

  2. FY 2018 A-State Budget

  3. Benefit Costs • 15% of A-State Budget FY 2015 to present • Last rate increase 1/1/2014 • Plan changes 1/1/2016 • Changed TPA 1/1/2017

  4. ASU Health Care Cost Drivers The primary drivers of projected increased health care cost for 2018 include: • Medical inflation • Large cost claimants - As of August 31, 2017, 32 Claimants @ $3.3M vs. August 31, 2016, 22 Claimants @ $1.9M(An increase of $1.4M on 11 claimants) (Astate 24/16) • Specialty drugs • Stop Loss increase estimate at 20% - due to increase in large claims. • Fund Balance on 9/30/2017 at $3,011,821 vs $4,321,013 as of 9/30/2016 (A decrease of $1.3M) • Required Reserve as of 6/30/2017 was $1,416,373

  5. Funding Options • Employer Contributions • Employee Contributions • Plan Changes – increased cost sharing to higher dollar users (2% of members utilize 43% of plan dollars)

  6. Funding Options

  7. Out of Pocket Cost(In network)

  8. How do we compare?

  9. Arkansas Health Plan Comparison

  10. Contact Information Jennifer Smith jennifersmith@asusystem.edu Ext. 1003 Or 501-660-1003 Website: www.asusystem.edu/mybenefits

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