Nassau proposes medical insurance buyback

Nassau Comptroller George Maragos has proposed a medical insurance buyback from employees who retired from the county before 2007 and currently have dual family health insurance coverage, saying that it could save about $1.6 million a year.

"The county is unnecessarily paying for two family health insurance plans for one family," Maragos said. "Retirees who choose to participate will not have their health insurance benefit levels affected in any way."

The "Smart Savings" incentive would pay $2,000 a year to the retired employee and, if that person wants to return to coverage at any subsequent year, there would be no problem doing so, Maragos said.

Beginning in 2007, the Smart Savings Program was mandated for nonunion workers and then extended to union workers in 2009.

Nassau County Executive Edward Mangano said: "This is another common-sense solution aimed at protecting Nassau taxpayers . . . During these tough economic times, it is important that government . . . rein in spending."

The county has identified 159 retired couples who would be eligible to participate. If 75 percent of them did, the county would save $1.26 million a year based on 2011 premium rates, Maragos said. He added that early estimates have the 2012 premium rate increasing by 13.7 percent.

Besides the buyback check, the county further reimburses the family for additional out-of-pocket expenses that exceed the annual $2,000 amount if the expenses would have been covered by the insurance policy that was surrendered, Maragos said.

He said he and his staff will be available to answer questions about the program from 11 a.m. to 2 p.m. on June 21, in the Ceremonial chamber of the County Executive and Legislative Building in Mineola.