Contract college faculty and staff members enrolled in the New York State Health Insurance Program (NYSHIP) have recently received a letter from Benefit Services announcing a special option transfer period Aug. 2-31, held in response to changes in NYSHIP premium rates that will become effective Oct. 1.

These rate changes are a result of recent New York state changes in how Medicare Part B premiums are reimbursed. In addition, the customary option transfer period for 2011 will occur later this year.

During the special option transfer period in August, contract college employees may:

• Keep their current health insurance option. If they do nothing, they (and their covered dependents) will remain in the NYSHIP plan they are enrolled in, with new rates applying; or
• Change from one HMO to another HMO, provided the cost is less than that currently being paid.

Contract college employees may not:

• Change into the Empire Plan from an HMO experiencing a rate decrease; or
• Add dependents or change coverage level (individual/family) during this special period; or
• Sign up for the plan if they are not already participating.

Benefit Services recommends that contract college employees who have questions about the changes they may make during the special option transfer period contact the Benefit Services Resource Center at 607-255-3936 or via e-mail at benefits@cornell.edu. More information about the rates increases and special option transfer period can be found at http://www.hr.cornell.edu/benefits/health/nyship_special.html.