The cost of health insurance for New York City public employees and retirees has more than doubled in the last ten years, and its continued growth will be a major driver of projected budget gaps. While the total city budget is projected to grow 11 percent from fiscal years 2012 to 2016, health insurance costs will grow by almost 40 percent and comprise 70 percent of the projected budget gap in 2016. Currently, more than 90 percent of the municipal workforce is enrolled in health insurance plans that require no employee contribution toward the cost of the premium for basic individual and family coverage. The City continues to pay the full cost for employees and their families if they retire before the age of 65. When they enroll in Medicare at age 65, retirees are reimbursed by the City for the full cost of the Part B premiums.
<div style=”margin-bottom:5px”> <strong> <a href=”http://www.slideshare.net/LuisTaverasMBAMS/report-his-01282013″ title=”Health Insurance Premium-Sharing by Employees and Retirees in the Public Sector” target=”_blank”>Health Insurance Premium-Sharing by Employees and Retirees in the Public Sector</a> </strong> from <strong><a href=”http://www.slideshare.net/LuisTaverasMBAMS” target=”_blank”>Luis Taveras MBA, MS</a></strong> </div>
Fiscal Intelligence 