Common use of Buy-Out Option Clause in Contracts

Buy-Out Option. Full-time employees, funded in whole or in part by Gladwin County, and having completed sixty (60) days of employment, may, in writing, elect to accept a cash payment in lieu of the insurance program. The amount shall be equal to the fifty percent (50%) of the Employer's contribution toward the single subscriber BCN Plan (base plan) rate paid by the Employer. If any employee is employed for less than the entire year or elects to take hospitalization insurance, he/she shall receive a pro rata amount for the period of time he/she did not take the insurance. The payment shall be made the first pay period in December. An employee must still be employed December 1 in order to receive the payment. If an employee has "comparable" health insurance coverage available elsewhere, the employee shall not be eligible to participate in the County's health insurance plan, but must take the buy-out. If, however, a spouse's Employer or entity that a spouse retired from has a similar provision in his/her of health insurance plan, the County will provide health insurance coverage for the employee, and for eligible children if the employee's birth month and date are earlier in the year than the spouse's. The employee must produce a document from the healthcare/insurance provider showing that he/she is covered by another policy to be eligible for the buy-out. If the employee spouse's health insurance is terminated for any reason, the employee will again be eligible to participate in the County's health care program, if permitted by the insurance carrier.

Buy-Out Option. Full-time employees, funded in whole or in part by Gladwin County, and having completed sixty (60) days of employment, may, in writing, elect to accept a cash payment in lieu of the insurance program. The amount shall be equal to the fifty percent (50%) of the Employer's contribution toward the single subscriber BCN Plan (base plan) rate paid by the Employer. If any employee is employed for less than the entire year or elects to take hospitalization insurance, he/she shall receive a pro rata amount for the period of time he/she did not take the insurance. The payment shall be made the first pay period in December. An employee must still be employed December 1 in order to receive the payment. If an employee has "comparable" health insurance coverage available elsewhere, the employee shall not be eligible to participate in the County's health insurance plan, but must take the buy-out. If, however, a spouse's Employer or entity that a spouse retired from has a similar provision in his/her of health insurance plan, the County will provide health insurance coverage for the employee, and for eligible children if the employee's birth month and date are earlier in the year than the spouse's. The employee must produce a document from the healthcare/insurance provider showing that he/she is covered by another policy to be eligible for the buy-out. If the employee spouse's health insurance is terminated for any reason, the employee will again be eligible to participate in the County's ’s health care program, if permitted by the insurance carrier.