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Thu August 1, 2013
Insurance Switch Nets University System $10 Million In Savings
The state’s University System says it saved $10 million last year by switching how it provides health insurance for employees.
Rather than paying an insurance company a fixed amount per employee for health coverage, the University System now uses a self-insured plan, where it pays out of pocket as health bills come in.
Self-insured plans put more risk on the employer, but Todd Leach, Chancellor of the University Stem, says the model made economic sense for his institution.
“It is excellent news, and it is the result of a lot of efforts to drive down costs and find ways we can save money though innovation,” says Leach.
Health insurance bills are still growing, but self-funding is helping to bend the cost curve.
And Leach says the $10 million in savings will be used to bolster science, technology, engineering and math programs at the system’s four schools. That includes expanding computer science facilities at UNH’s Manchester Campus.