In an effort to avoid rising insurance costs, Loyola University has decided to change its medical insurance policy for faculty and staff.
Loyola will move to a self-funded insurance model, which will raise insurance rates by 5 percent as compared to the 17 percent increase employees would face under the current insurance policy.
Under the new self-funded model, Loyola will pay for UnitedHealthcare to administer the plans, rather than paying a premium to UnitedHealthcare where they assume all risk in paying claims. The university will assume all risk with this change in policy. The change is expected to take place in 2016.
