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Health Insurance Buy-Out

Under the Buy-Out plan, eligible state employees receive 25% of the full-cost monthly premium in lieu of health insurance benefits for one 12-month period of time. Employees in HR/CMS and UMASS agencies will receive the remittance monthly in their paycheck; employees of housing and other authorities will receive a monthly check. The amount of payment depends on your health plan and coverage.

Table of Contents

What is the Buy-Out Program?

Under the buy-out plan, eligible state retirees receive 25% of the full-cost monthly premium in lieu of health insurance benefits for one 12-month period. You will receive a monthly check. The amount of payment depends on your health plan and coverage.

For Example:

State Retiree with UniCare State Indemnity Plan/
Medicare Extension (OME) individual coverage:

Full-Cost premium on July 1, 2020 (Monthly): $387.44
12-month benefit = 25% of this premium
Retiree receives 12 payroll deposits or monthly checks of:* $96.86
Yearly Earnings (12 monthly payments):* $1,162.32

*subject to federal, Medicare, and state taxes

Are you eligible?

To be eligible, you must have other non-GIC health insurance coverage through another employer-sponsored plan that meets Internal Revenue Service “minimum value” criteria and must maintain GIC basic life insurance.

When to Enroll

There are two buy-out periods, and your reimbursement will be determined based on your product at the end of the covered period.

  • During Annual Enrollment: If you were insured with the GIC on January 1, 2020 or before and continue your coverage through June 30, 2020, you may apply to buy out your health plan coverage effective July 1, 2020, during Annual Enrollment.
  • October 5 – October 30, 2020: If you are insured with the GIC on July 1, 2020 or before, and continue your coverage through December 31, 2020, you may apply to buy out your health plan coverage effective January 1, 2021. The enrollment period for this buy-out is October 5 – October 30, 2020.

Form Submission

Submit your completed form no later than May 1, 2020 for the July 1, 2020 buy-out or October 30, 2020 for the January 1, 2021 buy-out.

How to enroll

Online:  Visit myGICLink to request and submit your enrollment form(s).

Mail:  Return completed Health Insurance Buy Out Election Form and documentation to Commonwealth of Massachusetts-Group Insurance Commission, PO Box 556, Randolph, MA 02368

Buy-Out Rates

Contact

Phone

Main Phone (617) 727-2310

M-F 8:45 a.m.-5 p.m.

TDD/TTY 711

Fax

Operations (617) 227-2681
Executive (617) 227-5181
Fiscal (617) 367-9874

Address

Street Address
19 Staniford St
Boston, MA 02114
Enrollment Form and Member Correspondence Mailing Address
PO Box 556
Randolph, MA 02368
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