reform health insurance benefits -- Boston Pre Release

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Subject: reform health insurance benefits

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reform health insurance benefits

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Date Posted: 19:43:21 01/13/13 Sun

BOSTON � Gov. Deval Patrick has announced plans to file legislation to reform health insurance benefits for retirees that could save as much as $20 billion over the next 30 years.

The legislation would be based on recommendations included in a report released today by the Commission to Study Retiree Healthcare and Other Non-Pension Benefits. The commission includes Republican and Democratic members of the Legislature and representatives from the Executive Office of Administration and Finance, Treasurer�s Office, Group Insurance Commission, Massachusetts Municipal Association and labor.

Based on the commission�s recommendations, the planned legislation will seek to:

Increase the minimum years of service requirement from 10 to 20 years;
Increase the minimum age for eligibility to 60 (for Group 1) for most employees;
Prorate benefits on a scale from 50 percent premium contribution after 20 years to the maximum current retiree benefit (80 percent of premium) at 30 years;
Direct the Group Insurance Commission to investigate the adoption of an employee group waiver program for prescription drugs which would result in increased federal subsidies and savings to the commonwealth. The expected savings for the state in the first year of implementation would be as much as $20 million.
The reforms will not apply to current retirees or to current employees who are within five years of retirement age for their group and have completed 20 years of service as of the reform�s effective date;

�The commission�s recommendations provide a road map for the commonwealth and its municipalities to continue to offer significant retirement benefits to career employees while working towards overall fiscal sustainability�, said state Rep. John Scibak, D-South Hadley

Read more: http://www.metrowestdailynews.com/newsnow/x1353233847/State-aims-to-overhaul-retiree-benefits#ixzz2HuEuYmLF

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