HEALTH INSURANCE BUYBACK PROGRAM

The Health Insurance Buyback Program offers a cash incentive to full-time City of Glen Cove employees that waive their right to enroll in the health insurance program. This Buyback program requires that employees and there families are already sufficiently covered for health insurance through another insurer. As this benefit provides additional money to employees and saves the City money as well, anyone eligible is encouraged to participate. New employees may apply for this program when hired and current employees may apply in December during the annual enrollment period.

Effective January 1, 2002, approved 8/27/2002 by the City Council of Glen Cove, Resolution 6K the cash incentives are as follows:

$2,000 for employees qualifying for family coverage.

And

$1,000 for employees qualifying for individual coverage.

These incentives are paid out in December of each year. If an employee participated in the Buyback Program for less than a full year, the payment will be prorated for each month of participation.

Please note that health insurance coverage is extremely important, and employees are encouraged to consider this program only when they have sufficient coverage elsewhere. There are special considerations to make with regard to the Health Insurance Buyback Program as a participating employee nears retirement. Consult with your Employee Benefits Representative to discuss the possible ramifications of this program.

To apply for this benefit, file the following forms with the City Personnel Office:

Medical Buy Back Form

Health Insurance Declination Form

These forms may be filed by a new employee upon hire or by a current employee during the open enrollment period (during the month of December).

Employees participating in this Buyback Program who wish to re-enroll in the health insurance may do so during the open enrollment period (December) with no waiting period. Employees participating in this Buyback Program who involuntarily lose their other coverage may re-enroll in the health insurance with no waiting period. Outside of these two instances, any employee participating in this Buyback Program shall be entitled to re-enroll in the City of Glen Cove’s health insurance program by making an application through the Personnel Office; this re-enrollment period shall start no earlier than the first day of the third month after return of a completed application.

In accordance with the regulations of the NYSHIP, an employee with at least five (5) years of service with the City of Glen Cove who would ordinarily be entitled to continue the employee’s health insurance coverage into retirement may not do so if the employee is not enrolled from the program on the date of the employee’s retirement. It is the City’s recommendation therefore that employees reapply for medical coverage no less than six months prior to retiring to ensure they have coverage in retirement.

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