An Act relative to an individual Medicare marketplace option

This bill allows retired employees and their dependents in Massachusetts to use their health reimbursement arrangements to purchase individual Medicare plans on the state marketplace. It changes how these plans are funded by replacing the current cost-sharing rules with a new minimum annual funding amount. This new amount is calculated by adding 50% of the lowest-cost Medicare Supplement plan price and the average Part D premium to the existing funding. The legislation directly affects retirees currently covered under state health reimbursement arrangements who wish to switch to individual Medicare plans.