Penn State says health insurance will cost more next year, as healthcare costs rise nationwide.
Faculty and staff will see their monthly insurance cost go up anywhere from $4.25 to $165 per month in 2027, according to the university. How much more employees pay will depend on the plan they’ve chosen, their base salary and the number of people their plan covers.
For example, an employee making $75,000 and covering their family under the Lion Traditional plan would see their cost go up $61.88 a month.
Benefits under the health insurance plans will remain the same and Penn State will continue to cover 75% of costs. The university said it expects its medical and prescription drug costs to go up by 20% next year.
“As we do each year, we have carefully considered how best to preserve the benefits our employees depend upon, while also facing the reality of significantly increasing health care costs — an issue that is impacting employers across the nation and a long-term trend that we expect to continue into the future,” said Vice President for HR Jennifer Wilkes. “Ultimately, after consulting with members of our community and with third-party experts, we have chosen stability in our plan offerings, while increasing Penn State’s own expenditures and maintaining the 25% employee cost sharing percentage to help pay the growing costs.”
Penn State’s benefits open enrollment period is Nov. 2-13.
