Cash Incentive to Opt-Out of Insurance Plans Sample Clauses

Cash Incentive to Opt-Out of Insurance Plans. Any Status I or Status II employee who is otherwise eligible to subscribe to the school’s comprehensive major medical, prescription drug, and dental insurance plans but elects not to subscribe to any of said plans shall receive an annual payment for opting-out of all insurance plans as follows: Status I $2,500 Status II $1,000 Payment will be made in the first payroll in August following the end of the school year as defined in this section, if the employee has not been enrolled in the plan for the entire school year. In order for the employee to be eligible for the cash incentive for opting-out of the insurance plan, he/she must complete the necessary forms as requested by the Board and must indicate that he/she is covered by a medical insurance plan elsewhere. An employee who elects this non-participation option and who loses primary coverage due to death or divorce of a spouse, loss of a spouse’s benefits, or termination/RIF of a spouse’s employment, shall become eligible immediately for benefits under the insurance plans provided herein.
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Cash Incentive to Opt-Out of Insurance Plans. Any Status I or Status II employee who is otherwise eligible to subscribe to the school’s comprehensive major medical, prescription drug, and dental insurance plans but elects not to subscribe to any of said plans shall receive an annual payment for opting-out of all insurance plans as follows: Status I $2,500 Status II $1,000 Payment will be made in the first payroll in August following the end of the school year as defined in this section, if the employee has not been enrolled in the plan for the entire school year. For newly hired employees during their first year of employment only, a pro-rated opt-out payment will be made based upon the percentage of the plan year the employee opted out of coverage upon the employee’s completion of their first year of employment. In order for the employee to be eligible for the cash incentive for opting- out of the insurance plan, he/she must complete the necessary forms as requested by the Board and must indicate that he/she is covered by a medical insurance plan elsewhere. This cash incentive payment is not available to an employee whose medical insurance is otherwise provided by the Board. An employee who elects this non-participation option and who loses primary coverage due to death or divorce of a spouse, loss of a spouse’s benefits, or termination/RIF of a spouse’s employment, shall become eligible immediately for benefits under the insurance plans provided herein.
Sample 1
Cash Incentive to Opt-Out of Insurance Plans. Any Status I or Status II employee who is otherwise eligible to subscribe to the school’s comprehensive major medical, prescription drug, and dental insurance plans but elects not to subscribe to any of said plans shall receive an annual payment for opting-out of all insurance plans as follows: Status I $2,500 Status II $1,000 Payment will be made in the first payroll in August following the end of the school year as defined in this section if the employee has not been enrolled in the plan for the entire school year. For newly hired employees during their first year of employment only, a pro-rated opt-out payment will be made based upon the percentage of the plan year the employee opted out of coverage upon the employee’s completion of their first year of employment. In order for the employee to be eligible for the cash incentive for opting-out of the insurance plan, he/she must complete the necessary forms as requested by the Board and must indicate that he/she is covered by a medical insurance plan elsewhere. An employee who elects this non-participation option and who loses primary coverage due to death or divorce of a spouse, loss of a spouse’s benefits, or termination/RIF of a spouse’s employment shall become eligible immediately for benefits under the insurance plans provided herein.
Sample 1
Cash Incentive to Opt-Out of Insurance Plans. 1. Any full-time employee who is otherwise eligible to subscribe to the school's medical insurance plan but elects not to subscribe shall receive an annual payment equal to ten percent (10%) of the annual family premium of the alternate PPO HDHP Plan (health and prescription drug premium) for opting-out of the insurance plan with payment to be calculated based upon premiums in effect on August 1st and paid by the following June 30.
Sample 1

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