Cuts to college employees’ benefits packages this last academic year meant that health care premiums—the amount insured people have to pay out of pocket—have become more expensive.
According to the College and University Professional Association for Human Resources (CUPA-HR):
The percentage increase in the median annual cost of healthcare was substantially higher this year than last. For the 424 institutions completing this year’s survey, the median total premium costs for the three most common plan types (PPO, HMO and POS) increased 6.7% for employee-only coverage and 7.0% for employee + family coverage; comparable increases last year were 3.7% and 5.7% respectively.
Colleges and universities across the country are facing major financial problems with the continuing recession. Virtually all universities surveyed by CUPA-HR, however, continue to provide life insurance, long-term disability, paid time off, tuition assistance and retirement plans to employees.
