2016-17 Annual Summary – Medical, Prescription & Dental Self-funded Plans
- Medical, prescription and dental plan expenses (claims + administrative fees) increased 5.7% (or $1.4M) from 2015-16 to 2016-17 plan year.
BCBS Medical Plan: Expenses were $174,634 higher than expected (or projected) for an annual spend of $19,134,158.
CVS Caremark Prescription Plan: Expenses were $444,938 higher than expected (or projected) for an annual spend of $4,730,927.
Meritain Dental Plan: Expenses were $38,617 lower than expected (or projected) for an annual spend of $2,221,905.
2016-17 Gainsharing Summary
- Gainsharing takes place when the self-funded medical and prescription plans result in a combined positive balance at year-end after the reserve accounts are funded and other expenses have been reconciled.
- The 2016-17 medical and prescription expenses (claims + administrative fees) were higher than expected. As a result, funds were moved from the medical and prescription reserve accounts to cover the higher than expected plan spend.
- With the negative self-funded medical and prescription balances and required 2017-18 reserve funding level, there will be no gain-sharing payments distributed this plan year.
- Many thanks to the employees who participated in the VirginPulse wellness reward program. Their involvement in the program makes CMU a healthier and more productive workplace.
- 851 employees earned 36,000 or more PulsePoints
- 423 employees reached Level 4 each quarter – earning $400
- 75 spouses / other eligible individuals reached Level 4 each quarter – earning $200
Plan Year 2016-2017
July 1, 2016 - June 30, 2017