Yale-New Haven Hospital has announced the details of its 2014 Compensation and Benefits Program for employees.
"Offering a competitive package of compensation and benefits that meets the needs of our employees is critical to our remaining an employer of choice," said Richard D'Aquila, president and COO. "This year, our package reflects both the successes we have achieved as well as the challenges we face in our industry."
The highlights of this year's program include:
- Merit increases — based on an employee's pay zone and performance rating — may be up to 4 percent.
- Eligible employees may again earn up to 3 percent of their salary if PIP goals are met at maximum.
- Employees and their enrolled dependents will enjoy an enhanced vaccination program through the prescription drug benefit. They can receive — at no cost — vaccinations for shingles, pneumonia, tetanus/ diphtheria and hepatitis A and B through the CVS Caremark network.
- The Advantage Plus Plan and the Advantage Plan's annual deductible, office visit co-pays and employee coinsurance percentages are increasing effective January 1. Employees can read about the changes in the Your Health Care Choices for 2014 booklet, which will be mailed to employees' homes later this month.
- Beginning in 2014, Northeast Medical Group physician providers, including its expanded network of primary care practitioners, will charge $10 less than others in the Anthem network for office visit co-pays.
D'Aquila points out that YNHH continues to invest in benefits that support the health and well-being of employees and their family members. In 2013, more than 7,000 employees participated in the Know Your Numbers confidential health screenings and health assessment and, as a result, qualified for a $500 credit towards their 2014 medical insurance premiums.
86 percent for full-time employees and approximately 74 percent of premiums for part-time employees. The hospital's goal is to manage healthcare costs so that within the next few years, it pays an average of 80 percent of premium costs for full-time employees and 65 percent for part-time employees.
"Our goal is to continue to provide comprehensive and reasonably priced benefits to our employees," said D'Aquila, who notes that YNHH benefits are competitive within the healthcare and other industries, both locally and regionally. "We achieve that in part by providing benefits that help employees stay healthy and helping them control preventable health conditions."
In 2014, employees may take advantage of:
- The livingwellCARES Care Coordination program, which offers confidential, personal support to help employees and family members manage their diabetes, will expand to include asthma, coronary artery disease, congestive heart failure and high blood pressure. Program participants will qualify for waived co-pays for generic medications that treat high blood pressure and high cholesterol.
- Tobacco cessation support for employees and their families continues to be available at no cost. Premiums for those who have not been tobaccofree for at least six months prior to open enrollment will continue to be subject to a surcharge, which will increase to $20 per pay period per person for any employee or covered spouse.
Retirement benefits enhancements include changes to the Cash Account Pension Plan and an expanded Retirement Saving Plan. In addition, YNHH will increase the match from 1 to 1.5 percent to those employees who increase savings in their Tax-Sheltered Annuity to 2 percent.
Open enrollment for health and related benefits is Monday, October 28 through Friday, November 15. Additional information summarizing covered benefits and related premium costs will be mailed to employees' homes prior to October 28. All employees are required to enroll online at http://www.ynhhsbenefits. com. Onsite benefits fairs will be held from Tuesday, November 5 to Monday, November 11. A full schedule will appear in the October 17 Bulletin. "The healthcare industry is complex and going through an intense period of change," said Marna P. Borgstrom, YNHHS president and CEO, and YNHH CEO. "The most important thing we can do to be the provider of choice is to focus on being an employer of choice selecting, training and retaining the best employees in this industry who will continue to provide the safe, high-quality care that has earned us a national reputation for excellence."