Benefits Committee
Dear Colleagues, Your health and well-being—and that of your families—are a priority for the University. With this in mind, the University strives to provide you and your family the education and tools needed to make excellent healthcare decisions and access to quality health benefits at a reasonable cost.
Did you know…? 1. Every time you use your health plan, Princeton pays the difference between the cost charged to you and the actual amount charged for the office visit, test, or prescription. On average, Princeton pays 95% of the cost of healthcare and you, the patient, pay 5%. 2. Healthcare costs paid by the University have grown 8–9% each year for five years. Your cost during this same period has grown only 1-2% as Princeton has absorbed the balance of the increasing costs.
Our Challenge The annual cost of health care to the University is over $60 million; therefore, absorbing an 8–9% increase each year is not sustainable. If we cannot work collectively to lower this percent increase, a greater portion of the annual increase will need to be shared with you in the future.
How can you reduce your healthcare costs without compromising the quality of your care? 1. Use the right provider at the right time: a. Preferred labs or specialists for tests, office visits, and outpatient services b. Independent radiology centers for MRI, ultrasound, and similar testing c. Centers of Excellence for surgery and life-threatening diseases d. Telemedicine for minor medical situations e. Urgent care centers instead of emergency rooms f. Emergency rooms for potential life-threatening situations 2. Use the resources Princeton provides to help you make healthcare decisions: a. My Health Coach to establish a partnership with a personal coach regarding your health, nutrition, exercise, and chronic conditions
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