State Health Plan Saves $47 Million through Enrollment Boost
Nearly 10,000 Members Added to Humana Plans Results in Savings
to Help Unfunded Liability
(Raleigh, N.C.) – During the State Health Plan Board of Trustees meeting this week, State Treasurer Dale R. Folwell, CPA, and the State Health Plan (Plan) announced that the Plan saved $47 million by enrolling 9,975 additional members into the Humana Medicare Advantage Plans. Currently, 87% of retirees over 65 have taken advantage of these plans. The addition of these members is the result of the 2023 Open Enrollment period held last fall and the Medicare Open Enrollment period which took place earlier this year.
Medicare-eligible retirees can choose from the Humana Group Medicare Advantage Base or Enhanced plans, or the Base PPO Plan (70/30). However, when they choose a Humana plan, the State Health Plan saves thousands of dollars per year per member, which helps the Plan in its relentless campaign to reduce its $23.7 billion unfunded liability.
“For every Medicare member that we enroll in one of our Medicare Advantage plans, the Plan saves approximately $4,700 per year,” said Treasurer Folwell. “We are thrilled to see so many retirees take advantage of these plans. Not only does it save the Plan money, it also gives them an opportunity to save with a “0” dollar premium for the base plan and only $4 a month for dependent coverage all at no cost to the taxpayers.”
For State Health Plan members, the Humana Group Medicare Advantage Plans have a benefit value equivalent to a 90/10 plan, along with no deductible, no referral to see a specialist and preventive services covered at 100%.
The Humana plans also offer simplicity of use and predictability on health care costs, as well as many extra services including the SilverSneakers® wellness program, in-home health assessments, routine eye and hearing exams.
The State Health Plan, a division of the Department of State Treasurer, provides health care coverage to nearly 740,000 teachers, state employees, retirees, current and former lawmakers, state university and community college personnel, and their dependents.
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