Today's Message
Posted: Tuesday, March 27, 2012Special Health Insurance Opt-Out Program for PBANYS Employees Ends Friday
NYSHIP is offering an Opt-Out Program to PBANYS employees that will take effect on April 1. This program will allow eligible employees who have other employer-sponsored group health insurance to opt out of their NYSHIP coverage in exchange for an incentive payment. The other coverage cannot be NYSHIP coverage provided through employment with the State of New York. The annual incentive payment is $1,000 for waiving individual coverage or $3,000 for waiving family coverage.
To be eligible for the program, you must have been enrolled in NYSHIP by April 1, 2011, and remain enrolled through March 31, 2012, unless you became newly eligible for NYSHIP benefits after April 1, 2011.
If you are currently enrolled in NYSHIP and wish to participate in the Opt-Out Program, you must elect to opt out during the Special Option Transfer Period, which ends March 30, 2012, and attest to having other employer-sponsored group health insurance.
The complete Opt-Out Program description, including eligibility requirements and enrollment forms, is available in Cleveland Hall 410 or on the Human Resource Management website.
Please call Human Resources at ext. 4821 with questions or for additional information.
