What is the Health Insurance Buyback program?
A. The Buyback program allows all active employees who have other health insurance coverage to receive a payment in exchange for declining health insurance from the County. Participants in the Buyback program receive one-twelfth of the annual buyback amount for each month of non-coverage within a calendar year. The current buyback amounts are: $2,000 annual Buyback amount for declining family coverage; or $500 annual Buyback amount for declining individual coverage. Payments are made twice a year; on or about June 1 and December 1. In 2009, the County Legislature adopted a suggestion made by Comptroller Weitzman and authorized the County Executive to increase the Buyback amount if the number of new participants would save the County money. However, the Buyback amount was not increased.
