The Teacher Retirement System (TRS) Board of Trustees met July 17–18 in Austin and announced three important updates for the TRS-Care program:

• Reduced TRS-Care Medicare Advantage premiums for 2025
• A special enrollment opportunity for TRS-Care Medicare Advantage
• New rates and benefits for TRS-Care dental and vision plans

Lower TRS-Care Medicare Advantage Premiums

As reported in this April 17 Teach the Vote blog post, the TRS-Care retiree healthcare program has a current surplus balance of over $3 billion. The surplus provided the TRS board with an opportunity to lower Medicare Advantage premiums while still maintaining a healthy reserve. TRS will host webinars as well as 22 meetings around the state so plan participants can learn more about their options and select the plan that best fits their needs. The intention is to pair these changes with a limited-time open enrollment for TRS-Care Medicare Advantage. Open enrollment will begin Oct. 1 and end in March 2026. Future premium adjustments will reflect market trends and rising healthcare costs. For more information, visit the TRS-Care Medicare Advantage webpage.

Special Enrollment Opportunity

A limited-time enrollment period allows Medicare-eligible TRS retirees and their eligible dependents to join or rejoin TRS-Care Medicare Advantage. This enrollment window is open from Oct. 1, 2024, to March 31, 2026. Look for more information from TRS via mail or email. Eligible participants include:

• Medicare-eligible retirees or surviving spouses aged 65 or older who were eligible for TRS-Care benefits at retirement, even if they did not enroll.
• Those who were previously enrolled in TRS-Care and terminated coverage.
• Surviving spouses and/or dependents of deceased TRS-Care-eligible retirees.

TRS-Care Dental and Vision Plans

Starting Jan. 1, 2025, TRS-Care-eligible retirees can enroll in new dental and vision plans by calling TRS Health at 1-888-237-6762. Enrollment is open from Oct. 1 to Dec. 7, 2024. Enrollment in TRS-Care medical coverage is not required to sign up, and retirees can choose either dental, vision, or both.

TRS-Care Dental offers comprehensive coverage with access to over 133,000 licensed dentists nationwide and discounts of up to 50% off dentist listing prices. The benefit structure is the same for in-network and out-of-network dentists, with a $50 individual deductible and a $150 family deductible.

Coverage Tier	Monthly Premium
Retiree only	$41.64
Retiree + spouse	$83.29
Retiree + child(ren)	$87.45

TRS-Care Vision provides access to over 167,000 in-network providers and retailers, including LensCrafters, Walmart Vision Centers, and Target Optical. For in-network providers, routine eye exams have a $15 co-pay, new glasses have a $10 co-pay, and there is a $150 credit for frames annually.

Coverage Tier	Coverage Tier
Retiree only	$6.89
Retiree + spouse	$13.79
Retiree + child(ren)	$15.57
Retiree + family	$24.08

TRS-Care Standard

The TRS-Care Standard plan, for participants not yet eligible for Medicare, will not see a change in premiums and remains competitive with federal marketplace health plans. The premiums for TRS-Care Standard are 20%-30% lower than those of individual market plans. IRS guidelines will require an increase in deductibles in 2025 to allow pre-Medicare participants to continue using health savings accounts. The deductible has not increased since 2018.

Other board actions

The board welcomed Caasi Lamb as the agency’s new deputy director and John Rutherford as the newest board appointment by Gov. Greg Abbott (R). Trustees considered administrative matters, including the chair's appointment of committee members and committee chairs, and received an overview of their roles and responsibilities as trustees. Executive Director Brian Guthrie gave a review of administrative operational matters, including updates on legislative, financial, audit, legal, staff services, special projects, investment matters, strategic planning, trustee elections, and personnel matters, as well as construction of the new TRS headquarters.

Committees and reports

The Benefit Committee reported on its consideration of benefit payments for March–May 2024; the appointment of members of the Medical Board, including the Medical Board chair; the premiums for the TRS-Care Medicare Advantage, including COBRA rates for plan year (PY) 2025; the benefits for the TRS-Care Standard plan, including COBRA rates for PY 2025; the premiums and benefits for the TRS-Care Optional Dental Plan for PY 2025; and the premiums and benefits for the TRS-Care Optional Vision Plan for PY 2025.

The Investment Management Committee’s report included the adoption of the Strategic Asset Allocation proposal. The Policy Committee considered the adoption of amendments to the Procurement Policy; the adoption of a new rule regarding vendor protests, dispute resolution, and hearings; as well as the adoption of the proposed new TRS rule regarding a limited-time enrollment opportunity for Medicare-eligible retirees.

The Budget Committee considered adoption of the proposed fiscal year 2025 pension trust fund administrative operations budget, general provisions, and a resolution authorizing transfer of pension trust funds to the TRS expense account to cover the expenses approved under the fiscal year 2025 budget. The committee also considered adoption of the proposed fiscal year 2025 administrative operations budgets and general provisions for the TRS health benefits funds (retired and active plans), as well as the statutory certification of estimated state contributions to the State Comptroller, the Legislative Budget Board, and the Office of the Governor. The Budget Committee heard other reports, including a general counsel review of pending and contemplated litigation, including updates on litigation involving benefit-program contributions, retirement benefits, health-benefit programs, investment matters and open records, and legal or regulatory matters involving certain TRS vendors, investment managers, or other counterparties.

After hearing reports, the board discussed adding MetLife for the TRS-Care Optional Dental Plan and Optional Vision Plan and voted to adopt lower TRS Medicare Advantage rates and premiums. Trustees also voted to adopt non-substantive policy changes (one change added the option to appeal in writing), as well as the fiscal year budget.

Click here to review the entire TRS Board meeting book for more information.