Don't forget to make your benefits elections in the
Benefits Resource Center by 11:59 pm on Monday, November 6!
Anticipating your medical needs for the coming year and evaluating your medical plan options in advance can help you elect the health insurance most optimal for you and your family.
Available now, the robust Decision Support Tool helps you estimate how much each medical plan for 2018 will cost based on your monthly contributions and anticipated use of medical services.
To access the tool in the
Benefits Resource Center, select
Enroll Now and proceed through your Annual Enrollment overview. In
Step 2: Make Your Elections, the Decision Support Tool option will appear (see image) once you select the
Medical enrollment button. Then, using recommended step-by-step instructions(PDF) on how to best utilize the tool, you will be able to better discern which medical plan may be most appropriate and cost effective for you and your dependents.
To further assist your decision-making, please read and consider
three fictitious scenarios (PDF) that explore and compare plan participants’ estimated costs under each medical plan option.
Additional Resources
If you have questions about Annual Enrollment, or any of your NYU benefits, contact
PeopleLink at
askpeoplelink@nyu.edu or 212-992-LINK (5465).
A Note from the Benefits Committee
The Benefits Committee urges faculty to consider whether they might save money by switching to the High-Deducible Health Plan with Health Savings Account (HDHP-HSA). You will need to assess your own circumstances and to determine for yourself whether this plan is right for you; but it is our strong sense that many faculty members have not made the comparison, and that many would find that they would realize substantial savings by switching. See the Human Resources guide "
Choosing the Right Medical Plan" for help in evaluating whether the HDHP-HSA option would be right for you.
Three important features that often go overlooked about this option.
(1) This is the only option in which pharmacy and medical expenses are combined toward a single deductible.
(2) While the per-visit cost for primary and specialist office visits is higher ($80, $90) than the Value and Advantage plans ($30, $40), the saving in monthly premiums is very much greater. Note that the in-network provider list is the same for all three plans.
(3) Unlike the health-care Flexible Spending Account (FSA), the Health Savings Account (which is only available with the HDHP) provides the opportunity for greater pre-tax elections, unlimited roll-over of unused funds from year to year, tax-free growth on invested funds, and your HSA funds are yours to keep even if you later switch back to the Value or Advantage plans, retire, or leave the University. Plus, the University will contribute $250 to your HSA each year if your salary is below $75,000.
The University is committed to continuing to offer the Value/Advantage Preferred Provider Organization (PPO) plans. The committee’s only purpose in making the recommendation that faculty at least reassess their choice of plans is that the data suggest that many faculty may be missing out on savings by not considering the HDHP-HSA.
