Full-time

All three medical plan options will continue to be available to benefit-eligible full-time faculty and to both full-time and part-time staff. All plans emphasize preventive care by providing those services at no cost to covered members. To comply with IRS regulations for 2024, the HDHP/Value plan in-network deductibles must increase to at least $1,600 for an individual and $3,200 for a family. 

All other plan design features across the three medical plans, including covered services, remain the same.

See the Aetna presentation on our medical, dental, vision, and prescription plans.

Health Care Plan Contributions

The university continues to prioritize offering a comprehensive benefits package for our community while managing increases to medical premiums. This includes our commitment to supporting employees by absorbing 67 to 90 percent of the total premium cost, depending on salary band and dependent coverage tier.

As a result of rising healthcare costs due to inflation, there will be an increase in employee contributions for 2024. Please refer to the 2024 contribution chart. 

Flexible Spending Accounts
The IRS has not announced new limits for calendar year 2024 yet. The projected Healthcare FSA limit for 2024 is $3,200; the Dependent Care FSA will remain at the $5,000 limit. For 2024, the projected rollover is $640 of unused Healthcare FSA monies into 2024. 

Health Savings Account Change
Effective January 1, 2024, the IRS maximum allowable contributions to a health savings account (HSA) for members enrolled in employee-only coverage will increase to $4,150; it will increase to $8,300 for members enrolled in family coverage (spouse and/or children). For employees age 55 and over, an additional $1,000 may be contributed to the amounts noted above. These contribution limits are combined with the university contribution, defined below.

The university will contribute to the health savings accounts of employees enrolled in the Aetna Value Plan (formerly known as HDHP) $500 for individuals and $1,000 for employees with an enrolled spouse and/or children. In addition, the university will contribute two equal installments to employees' HSAs, first in January and then in July, instead of dividing the university contributions across their 26 paychecks. This allows employees to have more HSA dollars available up-front for medical, dental, prescription drug, and vision care expenses.

We've created this guide to you help navigate the MyDay system and manage your Open Enrollment elections.

To access your Open Enrollment Benefit Event, log in to MyDay and click on the Inbox worklet (circle). Locate the Open Enrollment Benefit Event and carefully follow the help text on each screen. The Benefits Open Enrollment period will end on Friday, November 17.

You do not need to take any action if:

• You (and your currently enrolled dependents, if any) want the same medical plan that you have in 2023
• You (and your currently enrolled dependents, if any) want the same dental plan that you have in 2023
• You do not want to make a 2024 Health Care or Dependent Care FSA election
• You do not want to change your Supplemental Life Insurance Plan election(s), if any

All three medical plan options will continue to be available to benefit-eligible full-time faculty, and both full-time and part-time staff. All plans emphasize preventative care by providing those services at no cost to covered members.To comply with IRS regulations for 2024, the HDHP/Value plan in-network deductibles must increase to at least $1,600 for individual/$3,200 for family. 

All other plan design features across the three medical plans, including covered services, remain the same.

Click on the links below for the more detailed Summary of Benefits and Coverage for each plan. You can obtain paper copies by contacting Human Resources.

• Choice POS 1000 Plan
• Aetna Select EPO Plan
• Value Plan with HSA

Finding Participating (In-Network) Providers
Enrollees in the Aetna plans may obtain health care services from in-network providers. To find in-network providers, go to aetna.com.

Prescription Drug Coverage
The university's Prescription Drug Program is administered by Express Scripts. Present your Express Scripts member ID card when filling a prescription at the pharmacy. The following co-payment amounts apply for a one-month (30-day) prescription at the retail pharmacy:

• $15 co-payment for tier 1 medications
• $50 co-payment for tier 2 medications
• $100 co-payment for tier 3 medications 

Vision Plan Coverage
As a reminder, Aetna enrollees will automatically be enrolled in the Vision Plan at no additional cost. You must be enrolled in the healthcare plan to receive vision plan benefits; there is no option to enroll separately. The plan allows you to receive routine vision services either from participating (in-network) vision providers or from providers who do not participate in the Aetna vision network (out-of-network). To search for in-network providers, go to aetnavision.com You should also print your vision care member ID card once you're logged in; you will present the card at the time you receive routine vision services.

The Vision Care Plan covers an examination and new lenses (contact and glasses) every 12 months and new frames every 24 months. Review the Plan Summary for coverage details. Call Aetna at 877.973.3238 for additional information. Click here to locate a provider.

Dental Plan Coverage
For additional information, please go to the dental care page of the New School's benefits website.

Refer to the 2024 Health Care and Dental Care Plan Contribution Chart if you will be covering yourself only, or yourself, a spouse and/or child(ren).

If you will be covering yourself, a domestic partner, and a child(ren), see the 2024 Domestic Partner and Child(ren) Imputed Income Chart or 2024 Domestic Partner only to determine the taxation related to this coverage.

You can save money by using Healthcare and/or Dependent Care Flexible Spending Accounts (FSA). This authorized benefit allows you to pay for health and/or dependent day care expenses with pre-tax dollars. By paying these expenses through your FSA, you lower your taxable income, thus receiving more take-home pay and more money in your pocket.

2024 Annual Limits

• Healthcare FSA: $3,200 (The IRS has not announced the 2024 limit yet. This is the projected increase.)
• Dependent Care FSA: $5,000

Estimating Your Flexible Spending Needs
Estimate the amount you will pay in out-of-pocket expenses for eligible healthcare and/or dependent care expenses from January 1, 2024, to December 31, 2024. For healthcare, this can include things such as doctor, dentist, and prescription co-pays; cost of eyeglasses or lenses not covered by insurance; and dental work, such as orthodontia, not covered by insurance. For dependent care expenses, estimate how much you spend in childcare for dependents age 13 and under. This can include after-school care or summer camp.

Have questions on what a flexible spending plan covers? View this helpful guide from EBPA, our flexible spending vendor for IRS-covered expenses.

If you terminate employment with The New School midyear, you will be eligible to submit FSA claims only for the dates of service during the period in which you were actively employed.

Basic Life Insurance
The New School provides you with a basic life insurance policy, at no cost to you, in the amount of 1½ times your basis salary (rounded up to the next multiple of $1,000) up to a maximum of $1 million in coverage. Please note that while this benefit is provided at no cost, any amounts over $50,000 are subject to imputed income.

Supplemental Life Insurance
In addition to the basic coverage noted above, employees may elect, at their own cost, additional supplemental coverage for themselves, their spouse/domestic partner, or their children (through age 19, or 23 for a full-time student).

Employee Supplemental Life Insurance
Employees may select an additional one, two, or three times their annual salary (up to a maximum of $250,000), at their own cost, in addition to the basic coverage that the university provides. Please note that in order to be eligible for this coverage, you must submit an evidence of insurability (medical questionnaire) to The Standard for underwriting. You will not be charged for this insurance until we receive approval from The Standard. Please note that the university does not see your evidence of insurability; we are just notified if you are approved or not.

Spouse/Domestic Partner Life Insurance
Employees many select a $10,000 or $25,000 policy for their spouse or domestic partner, at the employee's own cost. As with the employee supplemental life insurance, the spouse/domestic partner must submit an evidence of insurability to The Standard for underwriting as described above.

Child Life Insurance
Employees may select a $4,000 policy per child at the employee's own expense (children are eligible through age 19, or 23 for full-time students).

Age Reductions
Please note that under most life insurance policies, there is an age reduction in terms of percentages one would receive from their coverage. They are as follows:

• Age 65-69: Policy is reduced to 65 percent of value.
• Age 70-74: Policy is reduced to 55 percent of value.
• Over age 75: Policy is reduced to 35 percent of value.

Estimating Your Cost of Coverage
Age of insured as of last January; monthly rate in multiples of $1,000:

For example, if a 36-year-old is applying for $100,000 in supplemental life insurance, their monthly rate would be $9 ($100,000/$1,000/$0.09).

Enroll in or make a change to your supplemental life insurance elections via the Open Enrollment Benefit Event in MyDay. If you elect or increase supplemental life insurance coverage, you must complete a health questionnaire (also known as an Evidence of Insurability or EOI), which is subject to approval by our carrier, The Standard, before coverage can become effective.

Once you elect coverage, you will be directed to complete this form and there will be instructions for mailing directly to The Standard. The Standard will notify you and The New School if you are approved. Upon approval, your coverage will be effective and you will begin to be charged for the elected coverage.

Qualified Transportation Expense Plan
The 2024 limit is $315 pre-tax per month. If you currently participate, your 2023 elections will continue into 2024. You can enroll or make changes at any time during the year by initiating a Benefit Event in MyDay. We've created this guide for Changing Your Transit and Parking Amounts to help you navigate MyDay. Use the event date of January 1, 2024, to increase your contributions for January.

For additional information regarding these plans, visit the Qualified Transportation Expense page on our website.

If you terminate employment with The New School, you will only have access to the funds in your account only through your termination date, and you may withdraw up to the monthly limit ($315 in 2024) per month. Do not let large amounts accumulate in this account, as you might forfeit them due to a termination. 

Tax Deferred Annuity Retirement Plan
You can choose to contribute a percentage of your base annual salary or a flat dollar amount per paycheck. The maximum annual contribution for 2024 as set by the IRS is not known; for 2023, it is $22,500. Employees ages 50 and older (and those who will attain age 50 by December 31) are eligible to contribute an additional $6,500 annually, as set by the IRS (referred to as the "Age 50+ Catch-Up"). 

Your current elections will continue in 2023, but if you'd like to increase or change your contributions, you can do so by initiating a Benefit Event in MyDay. We've created this guide for Changing Your Retirement Savings Amounts to help you navigate MyDay. Use the event date of January 1, 2024, to change your contributions for January.

What You Can Do Today

Review your account. Were you automatically enrolled in the plan at a 3 percent contribution rate upon hire? If so, your contributions are being invested in the plan’s qualified default investment alternative, a TIAA Lifecycle Fund, assuming a retirement age of 65. You owe it to yourself to review your investment allocation and contribution rate.

If you’re not already enrolled in The New School Tax Deferred Annuity plan (TDA), consider enrolling today. Saving for retirement is an important step in planning for your financial future.

Personalized advice is included with your retirement plan at no additional cost to you. Don’t let another year slip by without checking in on your retirement plan! Schedule an appointment today for an individual counseling session at TIAA.org/schedulenow or call 800.732.8353 weekdays from 8:00 a.m. to 8:00 p.m. ET.

As required by law, The New School must provide certain notices to employees on an annual basis.