Among the medical plans NYU offers to serve its diverse faculty and employee community is a consumer-driven health plan – NYU's High Deductible Health Plan (HDHP) with Health Savings Account (HSA).
HDHPs are designed to give you more control over how you spend your health care dollars. You also have the opportunity to enroll in an HSA, a bank account that you may contribute to through pre-tax payroll deductions and withdraw from to pay for eligible out-of-pocket expenses.
What is the HDHP option?
The HDHP is administered through UnitedHealthcare, like the UHC Choice Plus Advantage and Choice Plus Value Point-of-Service Plans. With the HDHP, the annual deductible will be higher than other medical plans; however, that is only part of the cost you should consider when making your enrollment decision. Another cost to think about is the amount you pay for medical coverage through your payroll contributions. For the HDHP with HSA, this deduction from your paycheck is lower than other medical plans. Compared with the monthly premium for the UHC Choice Plus Advantage Plan, you can save approximately 40% with the HDHP with HSA! The lower premium gives you the perfect opportunity to start saving in an HSA account.
You have the freedom to see any health care provider, including specialists, without a referral, although you will save money if you see in-network providers. This is especially important since instead of a copay, you will be paying the full cost of a doctor’s visit or service until you satisfy your deductible. Once you meet the annual deductible, you will pay a lower coinsurance percentage when you use an in-network provider.
To encourage a healthy lifestyle and active management of your health, eligible preventive care services, such as routine physicals and well-woman exams, are covered at 100%. Some preventive care prescriptions will also be covered at 100%. All other services (including prescription drugs) are subject to the deductible before the Plan pays a portion of the cost. Once you meet the deductible, you and the Plan share the costs of your care (coinsurance).
How does the HSA component help?
If you enroll in the HDHP during 2017 Annual Enrollment, a Health Savings Account (HSA) will automatically be opened for you. The HSA is essentially a bank account that allows you to save and pay for eligible health care expenses. Depending on your annual salary, NYU may contribute to your HSA on your behalf! You own your HSA and the account balance rolls over year-to-year. The "use-it-or-lose-it" rule that applies to Flexible Spending Accounts does not apply to HSAs. HSA funds can be used to pay for services until you meet your deductible, pay coinsurance amounts after you meet your deductible, or you can save your HSA balance, letting the balance grow tax-free and using it for future health care expenses.
How can I learn more?
For more detailed information about HDHP with HSA at NYU, visit these pages – Deductibles and Levels of Coverage, The HSA Component, and Decision Support Tools – accessible at the top of this page. A comprehensive video is also available to view, below. Additionally, during Annual Enrollment, you will have access to robust Decision Support Tools in the Benefits Resource Center.
|Lower payroll deductions than the other medical plan options (a savings of approximately 40% over the UHC Choice Plus Advantage Plan!)|
|100% preventive care coverage|
|Access to in-network and out-of-network providers|
|Lower coinsurance than the UHC Choice Plus Point-of-Service Plans once you have met your deductible|
|Tax-advantaged Health Savings Account (HSA) to help you build savings for medical expenses|
|NYU contribution to the HSA if you earn less than $75,000 per year|
Tip: Opening Your HDHP's Health Savings Account
Beginning with 2017 Annual Enrollment, NYU will automatically open your HSA when you elect to enroll in the HDHP. If you elect to participate in the HDHP with HSA prior to January 1, 2017, you will need to open your account with Optum Bank directly.
Tip: Decision Support Tools in the Benefits Resource Center
NYU is committed to providing you choice, value, and quality in health care coverage, with benefit plans that are competitive, affordable, and compliant. During Annual Enrollment, you will have access to robust Decision Support Tools that will be available through the Benefits Resource Center. These tools will help you decide which health care coverage is right for you and your family.