High Deductible Health Plan + Health Savings Account
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 will also be enrolled 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.
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 significantly lower than the other medical plans. 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% in network. Some preventive care prescriptions will also be covered at 100% in network. 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).
When you enroll in the HDHP, 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.
|Key HDHP Features|
|Significantly lower payroll deductions than the other medical plan options|
|100% preventive care coverage in network|
|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|
* Until the combined medical and prescription drug deductible is met, you will pay the full cost of your non-preventive medical expenses and non-preventive prescription drug expenses. Prescribed preventive drugs on the CVS/Caremark Preventive Drug Therapy list are not subject to the deductible. Coinsurance of 10% will apply.
** One or more family members combined must meet the entire deductible that applies for family coverage before the Plan begins paying non-preventive care beneﬁts, including prescription drug beneﬁts.
* Your portion after the annual deductible is met.
** You pay 100% of the retail price. You will then need to submit a claim form for reimbursement. You will only be reimbursed for the cost the plan would have paid had you gone to a network pharmacy (discounted price), less the applicable coinsurance.
* The most you pay each calendar year for covered services; includes deductible.