Are you covered by a New York City health benefits plan but also covered by the non-city health insurance plan of your parent, spouse or domestic partner, or through other employment? The city has just tripled the cash incentive payments it will offer people in this situation for waiving their New York City health benefits plan coverage.

The annual incentive payment has increased from $500 to $1,500 for individual coverage, and from $1,000 to $3,000 for family coverage as of Jan. 1, 2016.

You may enroll in the New York City Health Benefits Buyout Waiver Program for city employees only at specified times and under specific conditions:

• During the annual open enrollment transfer period, which this year will be from Sept. 21 to Oct. 30;
• Within 31 days of becoming eligible for health benefits coverage;
• As a result of a qualifying event such as your unemployed spouse getting a job with non-city health insurance.

The city distributes the incentive payment in two equal, semiannual installments, as part of the first June paycheck and the first December paycheck. A prorated payment is given if you enroll in the health benefits buyout waiver program less than six months prior to a scheduled incentive payment.

For more information and to download forms to enroll in the program, visit www.nyc.gov/fsa and scroll down for the MSC (Medical Spending Conversion) Health Benefits BuyOut Waiver Program.

You can also contact the UFT Welfare Fund member services with any questions about the waiver program at 1-212-539-0500.

Even if you waive the New York City health plan benefits, you are still entitled to your UFT Welfare Fund benefits, which include valuable supplemental benefits such as dental, prescription drugs, disability and optical.