Board Approves New, Lower Medical Plan Premiums for Most 2023 Health Care Program Enrollees and a $600 Premium Rebate for Current Enrollees

At the October meeting of the State Teachers Retirement Board, the board approved measures that will provide a $600 rebate to current health care plan enrollees and new, lower premiums for most plan enrollees for 2023. The new 2023 premiums will be even lower than what was recently shared in open-enrollment materials.

Based on the health care funding status and increased recoveries in the Medicare prescription drug program, the board approved a health care premium rebate of $600 for each enrollee with coverage by the STRS Ohio retiree health care medical program in October 2022. Retirees will receive an estimated $66.4 million in rebates for themselves, spouses and dependents. The premium rebate will be paid to STRS Ohio retiree health care program members in the December 2022 pension payment (premium rebate will not exceed premiums actually paid in 2022).

The newly approved medical premiums impact STRS Ohio Health Care Program enrollees in the Aetna Medicare Plan as well as benefit recipients enrolled in non-Medicare plans. A sample of the new premiums is shown below. STRS Ohio will also be sharing this news via email, online, through our social media channels and by direct mail for enrollees who do not have an email address on file.

Benefit Recipients With Medicare

(30 or more years of service for those who retired before Aug. 1, 2023, or 35 years of service for those retiring on or after Aug. 1, 2023)

Plan Premium With Medicare Part B Credit* Lower Than 2022 Premiums by:
Aetna Medicare Plan (Medicare Advantage PPO) $31 $46

*In April, the board voted to replace the current $29.90 Medicare Part B reimbursement to a premium credit of $30. This column shows the premium with the new Part B credit applied.

Benefit Recipients Without Medicare

(30 or more years of service for those who retired before Aug. 1, 2023, or 35 years of service for those retiring on or after Aug. 1, 2023)

Plan Benefit Recipient Monthly Premium Lower Than 2022 Premiums by:
Medical Mutual & Aetna Basic (Indemnity or PPO) $286 $137
AultCare (PPO) $232 $105
Paramount Health Care (HMO) $262 $61

A complete list of medical premiums is available here.

Dental and vision premiums are available here.