Window open for important health benefits decisionsBy LORRAINE SIMPKINS
If you are a PS&T member, you must make important decisions about your health benefits during the annual option-transfer period, which begins November 1 and ends 30 days from the date your agency receives the Empire Plan premium rates from the state Department of Civil Service. During that period, you may change your health insurance option for the 2005 plan year, as well as change your Pre-Tax Contribution Program (PTCP) enrollment.
You will be sent a flyer indicating the employee premium contribution for each of the health plans, and the deadline for changing your health plan option. The rates also will be posted on the Civil Service Dept. Web site at www.cs.state.ny.us.
Change health plans?
Take these steps if you are considering changing your health plan during the option transfer period:
1. Do your research now. Don't wait until the rates are sent to you to begin gathering the information you will need to make your decision.
2. For tips on how to choose a health plan, see the article for annual health plan check ups on the PEF Web site
GO
TO HEALTH BENEFITS WEBSITE3. If you want to compare the benefits provided by the different health plan options, get the “Health Insurance Choices for 2005” guide from your agency’s health benefits administrator.
4. Check out these Web sites for “report card” ratings of HMOs in New York:
• www.ins.state.ny.us (click on “2004 New York Consumer Guide to Health Insurers.”)
• www.nyshaf.org (Click on “annual NYS HMO Report Card.”)
In or out of PTCP?
Enrolling in PTCP is a way to save money on your income taxes, by having your health insurance premiums deducted from your pay before the taxes are withheld.
Unless you declined to participate, you were automatically enrolled in this program when you became eligible for health insurance. Your paycheck stub shows whether you’re enrolled in the PTCP.
If you are enrolled, “Regular Before Tax Health” will appear in the Before Tax Deductions column if your health insurance premium is deducted from your wages before taxes are withheld.
“Regular After Tax Health” will appear in the After Tax Deductions column if your health insurance premium is deducted from your wages after taxes are withheld.
Choose your pre-tax status carefully. Under federal Internal Revenue Service (IRS) rules, there can be no change in your premium deduction once the amount is set for the tax year unless the change stems from a qualifying event. This means the following two changes can be made only during the annual option transfer period:
• Change from family to individual coverage while your dependents are still eligible for coverage; and
• Voluntarily cancel your coverage while you are still eligible for coverage.
If you want to change your pre-tax selection for 2005, you must see your health benefits administrator and complete a health insurance transaction form no later than November 30. No action is required if you wish to keep your current status.
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