Common use of Cash Option Clause in Contracts

Cash Option. a. An eligible Member may elect to receive a $150 cash option per month in lieu of receiving the District’s health insurance coverage. Payment of the cash option will begin the month that the District would have begun paying the premiums had the Member elected to receive coverage. b. An eligible Member who loses health insurance coverage under another health insurance plan will be able to resume coverage under this Agreement at any time. Payment of the cash option will cease upon the effective date of the coverage. In this event, the Member must enroll in the District’s health insurance plan within thirty (30) days of the date of loss.