Buy-out Open Enrollment April 6 - May 4, 2016

For Buy-out Effective July 1, 2016

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, 2016, or before and continue your coverage through June 30, 2016, 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.

Buy-out Rates

Buyout Rates for State Employees xlsx format of buy_out_rates_employees.xlsx
-Effective July 1, 2016  

Buyout Rates for State Retirees xlsx format of buy_out_rates_retirees.xlsx
-Effective July 1, 2016    

Buyout Rates for GIC Retired Municipal Teachers xls format of buy_out_rates_RMTs.xls
-Effective July 1, 2016

Form Submission

Send the completed Buy-Out form to the GIC no later than May 4, 2016.   Forms received after this deadline will not be accepted.

The BuyOut Form doc format of buyoutJuly2016.doc
Complete and return the buyout form to the GIC no later than May 4, 2016.

 


This information provided by the Group Insurance Commission .