UM curators choose new administrator for retiree medical benefits
The University of Missouri Board of Curators announced Friday it has chosen a new vendor for medical benefits for retirees.
During its meeting in Kansas City, the board approved UnitedHealthcare as the insurer for Part A and Part B Medicare-eligible retiree medical insurance. The change will take effect January 1, 2017. The board says the agreement will reduce current medical costs by around $11 million.
Negotiations are ongoing with Express Scripts, the university’s pharmacy benefits manager, and are estimated to create an extra $3 million in prescription costs. According to the board of curators, reduction in costs will be shared between the retirees and the university, because each pay a percentage of the cost through premiums.
