The Board of Governors at Missouri Western State University renewed employee health insurance coverage with Blue Cross and Blue Shield of Kansas City. The renewal includes no cost increase for the University, and no plan design changes.
“We began working on this renewal shortly after the first of the year, when our utilization trends indicated our premium costs were likely to go up,” said Dr. Cale Fessler, vice president for financial planning and administration. “Working with our insurance advisor, Truss, we explored several new plan designs and options, and thanks at least in part to those efforts Blue Cross came back to us with a very favorable renewal proposal.”
Missouri Western will continue to offer four plan types, including two at no cost to the employee for employee-only coverage: a High Deductible Health Plan with Health Savings Account and a Preferred Provider Organization (PPO) plan. Employee premiums for dependent coverage under those two plans will not increase.
Employees will again have two buy-up options: a PPO Buy-Up and a Health Maintenance Organization. Employee premiums for the buy-up options will increase both for employee-only coverage and for dependent coverage, ranging from an additional $20 to $115 per month depending on the plan.
Deductibles, co-pays, out-of-pocket maximums and other benefits will remain the same.
The Board also refunded auxiliary system revenue bonds to save nearly $1 million in interest costs. The bonds originally issued in 2008 have an average interest rate of 4.89 percent. The Series 2018 bonds in the amount of $3,765,000 will be privately placed with Capital One Public Funding, LLC, and have an average interest rate of 3.81 percent. That will save $972,704 over the life of the bonds, which will mature in 2029. The new issue also includes a call option after six years, allowing the University to refund the bonds again for additional savings if interest rates drop further.
Also today, two new board members were sworn in after being appointed recently by Gov. Mike Parson. Jennifer Dixon of St. Joseph, a 1989 graduate of Missouri Western, was appointed to fill a vacancy on the board. Her term expires in October, 2023. Paul Granberry III, a junior political science major from St. Louis, Missouri, replaces Joseph Kellogg as student governor. Both appointments are subject to Missouri Senate approval.
Missouri Western State University is a comprehensive regional university providing a blend of traditional liberal arts and professional degree programs. The university offers student-centered, high quality instruction that focuses on experience-based learning, community service, and state-of-the-art technology. Missouri Western is located in St. Joseph, Mo., and is committed to the educational, economic, cultural and social development of the region it serves. Visit www.missouriwestern.edu.