Common use of Cash Incentive to Opt-Out of Insurance Plans Clause in Contracts

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.

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 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 employment, shall become eligible immediately for benefits under the insurance plans provided herein.