Health and Welfare Benefits
Fordham University’s health & welfare benefits programs are intended to provide competitive benefits and programs to meet the needs of our diverse community. They are also intended to give you and your family some financial security in the event of retirement, or your inability to work because of illness, injury or death.
Medical Plan Options
As a member of Fordham’s administrative staff, you can choose a variety of options for your medical coverage. The following will summarize the current options offered through Fordham University. For comprehensive details on each option, including important exclusions, and precise definitions, please consult the provider booklets. If you require a booklet, please contact a Human Resources Benefits Specialist.
- Full-time regular administrators, working 35 hours per week.
- Part-time regular administrators, working 25 hours or more per week.
Enrollment and Effective Date
Medical coverage is effective on the first day of the first month following your employment date. If your employment commenced on the first day of the month, your health care coverage will begin immediately.
|You + Your Eligible Dependent(s)*||Family Plan|
(contact a Human Resource Benefits Specialist to determine eligibility)
*Dependent(s) are defined as:
- A spouse or domestic partner (Category A Legally Domiciled Adult (LDA)).
- Any children (natural, adopted or step-children) who are under age twenty-six and not eligible for medical coverage from their own employer.
- Blood relative (Category B LDA) who is otherwise ineligible for coverage but who meets the definition of dependent under Internal Revenue Code Section 152.
Employee Cost-Sharing for Medical Coverage
The University requires that you share in the cost of health care. Your contributions, however, are very competitive when compared to the national average for employers. All contributions are deducted from your bi-weekly paycheck on a pre-tax dollar basis for your coverage as well as your qualified dependents. Please note that coverage for a Category A LDA as well as your dependents will be paid with after tax contributions. For complete information regarding current employee cost sharing contributions,visit our benefits web page or contact a Benefits Specialist in the Office of Human Resource Management.
Open Enrollment Period
Once per year, during the annual Open Enrollment Period, you will have the opportunity to change your medical plan option or to add dependents. The changes you elect will take effect January 1st of the following year. Should your dependent status change during the calendar year as a result of a qualifying event (divorce, birth of a child, etc.) you have 30 days from the date of the qualifying event to enroll your dependent(s) into your plan, otherwise you must wait until the next Open Enrollment Period.
Summary of Medical Plan Coverage
A summary fact sheet comparing the medical plan options offered through Fordham University is available on our benefits web page. Once again, we suggest that you review the provider booklet to gain a comprehensive assessment of each plan.
Flexible Spending Account Plan (FSA)
What is a Flexible Spending Account (FSA)?
A FSA is a program that enables you to use pre-tax dollars to pay for eligible health care expenses not covered through your health plan, and/or to pay for your qualified dependent/child care expenses. In addition, a FSA account can reduce your overall tax liability.
How Does a FSA Work and When Can I Enroll?
New administrators will be given the opportunity during employee orientation to enroll in the program for the current calendar year in which you are hired. Every year thereafter, during the annual Open Enrollment Period, the Human Resources Department will contact all benefits eligible administrators and offer them the opportunity to either enroll in the program for the first time, or to re-enroll for the following year.
To enroll in the program, you must complete the applicable form(s) designating a specific amount of pre-tax dollars to be deducted from your bi-weekly salary over the course of the calendar year. A minimum of $120 and a maximum of $2,600 can be deposited into the FSA Health Care Account and a minimum of $120 and a maximum of $5,000 can be deposited into the FSA Dependent Care Account.
Health Care Account
Under the FSA Health Care Account you can be reimbursed up to $2,600 (effective 1/01/2017) per year for eligible health care expenses incurred by you, your tax- qualified spouse, and/or your tax qualified dependent children. The reimbursement is for out-of-pocket expenses that are not covered by a health care plan in which you may participate. Typical examples of FSA Health Care Account expenditures under this program are health plan deductibles, dental expenses, regular physical examinations, vision care, well baby care, and orthodontia. For a complete list of eligible expenses under this program, please contact a Benefits Specialist in the Office of Human Resource Management.
Dependent Care Account
Under the FSA Dependent Care Account you can be reimbursed up to $5,000 per year for dependent care expenses provided both you and your tax qualified spouse are employed. A “dependent” is defined as anyone claimed as such on your income tax return that is under the age of 13, or regardless of age, who requires full-time care due to a physical or mental incapacity. A typical example of a FSA Dependent Care Account expenditure under this program is care provided inside or outside of your home. For a complete list of eligible expenses under this program please contact a Benefits Specialist in the Office of Human Resource Management.
IRS Regulations Affecting FSA
The Internal Revenue Service has established the following rules regarding the use of FSA accounts:
- Any money not used for allowable expenses within the benefit’s plan year (January 1, through March 15, of the following year) will be forfeited and cannot be refunded.
- You may not transfer funds between accounts. Each account is separate, and funds designated for health care cannot be spent on dependent care and vice versa.
- You cannot stop FSA deposits, or change the deposit amount during a plan year in which you remain a University employee, unless you have a change in family or employment status.
- Amounts reimbursed through FSA cannot be legally declared as a tax credit or deduction on a tax return.
- Under current federal tax law any expense submitted on behalf of a Category A LDA or any other non-tax qualified dependent will not be eligible for reimbursement.
Please refer to the section entitled “Medical Leave of Absence -Salary Continuation (Short Term Disability).”
Long-Term Disability (LTD)
The University’s Long-Term Disability Plan, is a fully-insured benefit that is designed to replace a portion of your lost income in the event of injury or illness resulting in a disability. For full details regarding this benefit, please consult with a Benefits Specialist.
Eligibility & Employee Cost
If you are a benefits-eligible administrator who has completed one full year of service, and have completed the applicable enrollment form(s), you are covered under this program. The Long-Term Disability Plan coverage is paid entirely by Fordham University, the cost of which is imputed as income to you. As a result, if you qualify and receive LTD benefits the benefit amount will be paid to you tax-free.
Monthly Income Benefit
Should you become disabled while employed by the University, your monthly benefit under this program is equal to 60% of your monthly salary at the time of your disability, not to exceed $12,500 per month. If you are receiving other long-term disability benefits such as Social Security or Worker’s Compensation, the plan will coordinate payments with these other benefits so that you will not receive more than the your maximum LTD benefit from all sources. The monthly income benefit is payable effective on the first day of the month, after you have been totally disabled for six consecutive months.
Disability payments will continue according to the following formula:
|Age On The Date Disability Commences||Maximum Duration of Benefit|
|59 or younger||Benefits continue to your 65th birthday|
|60 through 68||Benefits continue for 60 months or until you reach age 70, whichever occurs first.|
|69 or older||12 months|
Monthly Waiver Benefit – (403(b) Retirement Plan Contribution)
If you are a participant in the Fordham University Retirement Plan (“Retirement Plan”) while being qualified for and receiving LTD benefits from the Long Term Disability Plan, you will receive a contribution to the Retirement Plan that equals 10% of your base salary at the time of your disability up to the Social Security Wage Base, and 15% of your base salary at the time of your disability of any amount above the Social Security Wage Base. Each month, the employer portion of your Retirement Plan will be funded through the disability program. Your required retirement contribution of 5% will be waived.
Work-Related Illness or Injury
If you lose time from work or incur medical expenses because of a work-related illness or injury, you may be entitled to receive benefits under New York State Workers’ Compensation. Coverage is automatic, and paid by the University. Workers’ Compensation and the University’s Health Plan are two separate insurance programs with their own eligibility criteria and requirements. If an illness or injury is work-related, you should file for benefits through the Office of Human Resource Management.
If your illness or injury is not work-related, you may be eligible for benefits through your University medical plan coverage provided you are a participant in the medical plan. Under no circumstance will you receive benefits through both plans. Should you sustain a work-related illness or injury, please follow the procedure described below:
1. For assistance, contact the Office of Safety and Security immediately on extension
2222 - Rose Hill Campus
8111 - Lincoln Center Campus
3333 - Westchester Campus
2. Notify the Office of Human Resource Management as soon as possible if you suffer any accident or injury while you are at work. The New York State Workers’ Compensation Board requires specific documentation that allows them to ascertain if you have a valid claim. A Human Resource Representative will assist you in providing that information.
Group Life & Accidental Death and Dismemberment Insurance
The University provides both Group Life and Accidental Death and Dismemberment Insurance to all benefits eligible administrators. A nominal cost-share provision is associated with this benefit.
Group Life Insurance Benefit
In insurance terms, the University’s Group Life policy is known as a “decreasing term” plan. As your age increases, the benefit from this term insurance policy decreases. The maximum death benefit is $500,000. The following is the formula used to determine your benefit:
|Age at Death||Benefit Entitlement|
|Less than age 45||3.0 times your annual salary|
|45 but less than 50||2.5 times your annual salary|
|50 but less than 55||2.0 times your annual salary|
|55 but less than 60||1.5 times your annual salary|
|60 but less than 65||1.5 times your annual salary|
|65 or over||1.0 times your annual salary|
Group Accidental Death & Dismemberment Benefit
The University’s Accidental Death and Dismemberment benefit for administrators’ equals the amount of your life insurance. In the case of accidental death, your beneficiaries would be entitled to receive an amount equal to twice the value of your life insurance benefit, not to exceed a maximum of $1,000,000.00. If you suffer dismemberment as defined by the policy, you are entitled to receive a benefit from the accidental dismemberment insurance plan. For more details regarding this program, please consult with a Human Resource Benefits Specialist.
Group Supplemental Life Insurance
In addition to your Basic Life Insurance the University offers you the opportunity to increase your life insurance coverage through a Group Supplemental Life Insurance program. As a new hire you may select from One (1) to Five (5) times your annual salary up to a maximum of $500,000. In addition, you may also select coverage for your spouse in the amount of $10,000 increments that cannot exceed 50% of the amount you have chosen for yourself.
Another option allows you to elect Child Life Insurance payable at $10,000 for each covered child who is 6 months and older.
The cost for the Supplemental Life Insurance is borne entirely by you. It is paid with after-tax premiums that are deducted from your paycheck. Your cost for Supplemental Life Insurance payable on your own life and your spouse’s is based on your age-banded rates. Supplemental Child Life Insurance is a flat charge of $2.20 per month.
Coverage of any amounts that you elect above $300,000 will be subject to Evidence of Insurability. This means that the insurance company that provides this benefit will require proof of good health before amounts in excess of $300,000 are approved for coverage. If you cover your spouse, Evidence of Insurability will have to be provided for any amounts of coverage above $150,000. During the insurance company’s period of review for Evidence of Insurability your coverage will be limited to $300,000 and your spouse’s coverage will be no more than $150,000.
Conversion of Basic and Supplemental Life Insurance
Should your employment end with the University you have the option within thirty-one (31) days after termination, to convert any amount of life insurance up to the amount for which you were covered. This includes both your Basic and Supplemental Group Life Insurance. If you convert, your coverage will be based on an individual policy that is rated by age, class of risk and the amount selected for coverage. Your premiums will be paid directly to the insurance carrier.