Continuation Medical Coverage Sample Clauses
The Continuation Medical Coverage clause ensures that individuals maintain access to medical insurance benefits for a specified period after a triggering event, such as termination of employment. Typically, this clause outlines the duration of continued coverage, eligibility requirements, and whether the individual or employer is responsible for premium payments. Its core function is to provide a safety net, preventing gaps in healthcare coverage during transitions, and addressing the risk of losing medical benefits unexpectedly.
Continuation Medical Coverage. For twelve (12) months following the Date of Termination, the payment of “COBRA” premiums for Employee and any dependents covered under the Company’s group health plan immediately prior to the Date of Termination; provided, however, that the Company may cease making such payments when Employee (1) secures employment and (2) becomes eligible to participate in the health insurance plan of his or her new employer.
Continuation Medical Coverage. If Individual becomes eligible for continuation medical coverage under COBRA as a result of Individual’s resignation from employment with the Company and is not, within thirty days of Individual’s resignation, offered employment with the Company, Buyer, or any of their affiliates, the Company (through December 31, 2013) and Buyer (or one of its affiliates) thereafter shall pay the cost of continuation medical coverage for Individual for the shorter of 18 months or until such time as Individual accepts employment elsewhere with an entity that provides medical coverage, where such payments will be based at the same level of coverage elected by Individual at the time of Individual’s resignation provided that individual timely elects such coverage.