Buy-out Open Enrollment April 8 - May 6, 2015
For Buy-out Effective July 1, 2015
If you have access to non-GIC health insurance, for example, through a spouse, it may pay to participate in the buy-out program.
If you were insured with the GIC on January 1, 2015, or before and continue your coverage through June 30, 2015, you may buy out your health plan coverage during the buy-out open enrollment. You must have other non-GIC health insurance coverage that is comparable to the health insurance you now receive through the Group Insurance Commission and must maintain basic life insurance.
Under the buy-out plan, eligible state enrollees receive 25% of the full cost monthly premium in lieu of health insurance benefits for one 12-month period. Employees in HR/CMS and UMASS Agencies will receive their remittance on a monthly basis in their paycheck with "Reimburse" listed on the pay advice. Employees of Housing and other Authorities, and retirees, will receive a check monthly. The amount of payment depends on your health plan and coverage. Buy-Out Questions? Contact the GIC 617.727.2310, extension 1.
The Buy-Out Rates reflect deductions for State, Medicare (Active Employees only) and Federal taxes.
If your application is approved, you will receive your first payment in August.
Buyout Rates for State Employees -Effective July 1, 2014
Buyout Rates for State Retirees -Effective July 1, 2014
Buyout Rates for GIC Retired Municipal Teachers -Effective July 1, 2014
Health Insurance Buy-Out Election Form (available during buyout Open Enrollment) - Return completed form to the GIC no later than May 6, 2015.
This information provided by the Group Insurance Commission .