Issued Date
February 24, 2023
Audit Objective
Determine whether Rye Neck Union Free School District (District) could achieve cost-savings by offering a health insurance buyout incentive (buyout).
Key Findings
District officials (officials) could achieve cost-savings by offering a buyout in lieu of health insurance coverage.
Total savings could range between approximately $130,000 and $190,000 annually if the District offered family plan coverage buyouts of $4,500 or $6,000 and individual plan coverage buyouts of $2,000 or $2,500.
Key Recommendation
- Consider offering a buyout to help reduce costs.
District officials generally agreed with our recommendation and indicated they will consider our recommendation.