Common use of Cost Savings Opportunities Clause in Contracts

Cost Savings Opportunities. Each Employee covered by the Town’s Medical/Prescription Drug Plan shall have the option, during the Town’s annual open-enrollment period, to reject coverage under such Plan and receive in lieu of such coverage a payment equal to one-third (1/3) of the annual premium cost for the least expensive health plan offered by the Town at the level of coverage in which the Employee is eligible at the time of the annual open enrollment (Employee only, Employee plus one, family etc.) Such payment in lieu of coverage shall be available in each Plan Year in which the Employee elects to reject such coverage during the annual open-enrollment period. Each Employee who rejects coverage under the Town-sponsored Plan as provided in the preceding paragraph may, at his or her option during the Town’s next annual open-enrollment period, apply to reinstate coverage the Plan previously rejected provided the Employee authorizes the Town to resume deducting the Employee’s premium share for such coverage from his or her regular pay. If the Employee applies because he or she has lost coverage due to the death of a spouse, divorce or legal separation or termination of spouse’s employment, the Employee will be reinstated on the first day of the month following the approval of the application. Employees who once rejected such coverage and apply for reinstatement of coverage under the Plan shall not have to prove insurability.

Cost Savings Opportunities. (a) Each July, the Town shall pay to each Employee who, in the immediately preceding fiscal year, switched from a more expensive to a less expensive Town-sponsored Medical Plan an amount equal to thirty percent (30%) of the cost savings actually realized by the Town with respect to such Employee over the course of the immediately preceding fiscal year as a direct result of such switch. (b) Each Employee covered by the Town’s Medical/Prescription Drug Plan shall have the option, during the Town’s annual open-open enrollment period, to reject coverage under such Plan and receive in lieu of such coverage a payment equal to one-third (1/3) of the annual premium cost for the least expensive health plan offered by the Town at the level of coverage in which the Employee employee is eligible at the time of the annual open enrollment (Employee employee only, Employee employee plus one, family etc.) ). Such payment in lieu of coverage shall be available in each Plan Year in which the Employee elects to reject such coverage during the annual open-open enrollment period. Employees who rejected coverage before July 1, 2015 shall have their in lieu payment fixed at the amount they received effective July 1, 2015 and such sum shall be adjusted to the level of coverage in which the employee is eligible at the time of the annual open enrollment. Beginning, July 1, 2019, when an Employee or retiree is married to another Town Employee or retiree and is on the spouse’s Town health insurance coverage, he/she shall not be eligible to receive the in lieu of payment. Any Employee or retiree married to another Town Employee or retiree and on the spouse’s Town health insurance coverage and receiving the in lieu of payment on April 23, 2019, shall be grandfathered from the “in lieu of coverage” payment prohibition set forth in Section 5.07(b). (c) Each Employee who rejects coverage under the either or both of such Town-sponsored Plan Plans as provided in the preceding paragraph subparagraph (b) above may, at his or her option during the Town’s next annual open-enrollment period, apply to reinstate coverage the Plan under either or both such Plans previously rejected provided the Employee authorizes the Town to resume deducting the Employee’s premium share for such coverage coverage, described above, from his or her regular pay. If the Employee applies because he or she has lost coverage due to the death of a spouse, divorce or legal separation or termination of spouse’s employment, or other qualifying event, the Employee will shall be reinstated on the first day of the month following the approval of the application. Employees who once rejected such coverage and apply for reinstatement of coverage under the Plan either of both such Plans shall not have to prove insurability.

Cost Savings Opportunities. (a) Each Employee covered by the Town’s Medical/Medical and/or Prescription Drug Plan shall have the option, during the Town’s annual open-enrollment period, to reject coverage under such Plan and receive in lieu of such coverage a payment equal to one-third (1/3) of the annual premium cost for the least expensive health plan offered by the Town at the level of coverage in which the Employee employee is eligible at the time of the annual open enrollment (Employee employee only, Employee employee plus one, family etc.) family). Such payment in lieu of coverage shall be available in each Plan Year in which the Employee elects to reject such coverage during the annual open-enrollment period. . (b) Each Employee who rejects coverage under the either or both of such Town-sponsored Plan Plans as provided in the preceding paragraph subparagraph (b) above may, at his or her option during the Town’s next annual open-enrollment period, apply to reinstate coverage the Plan under either or both such Plans previously rejected provided the Employee authorizes the Town to resume deducting the Employee’s premium share for such coverage coverage, described above, from his or her regular pay. If the Employee applies because he or she has lost coverage due to the death of a spouse, divorce or legal separation or termination of spouse’s employment, the Employee will be reinstated on the first day of the month following the approval of the application. Employees who once rejected such coverage and apply for reinstatement of coverage under the Plan either of both such Plans shall not have to prove insurability. (c) To be eligible to receive the one-third (1/3) payment as provided in subparagraph (a) above, an Employee must have been enrolled on or before June 1, 2003 and must be an active participant in the plans from which the Employee is rejecting coverage.

Cost Savings Opportunities. (a) Each July, the Town shall pay to each Employee who, in the immediately preceding fiscal year, switched from a more expensive to a less expensive Town-sponsored Medical Plan an amount equal to thirty percent (30%) of the cost savings actually realized by the Town with respect to such Employee over the course of the immediately preceding fiscal year as a direct result of such switch. (b) Each Employee covered by the Town’s Medical/Prescription Drug Plan shall have the option, during the Town’s annual open-open enrollment period, to reject coverage under such Plan and receive in lieu of such coverage a payment equal to one-third (1/3) of the annual premium cost for the least expensive health plan offered by the Town at the level of coverage in which the Employee employee is eligible at the time of the annual open enrollment (Employee employee only, Employee employee plus one, family etc.) ). Such payment in lieu of coverage shall be available in each Plan Year in which the Employee elects to reject such coverage during the annual open-open enrollment period. Employees who rejected coverage before July 1, 2015 shall have their in lieu payment fixed at the amount they received effective July 1, 2015 and such sum shall be adjusted to the level of coverage in which the employee is eligible at the time of the annual open enrollment. Beginning, July 1, 2019, when an Employee or retiree is married to another Town Employee or retiree and is on the spouse’s Town health insurance coverage, he/she shall not be eligible to receive the in lieu of payment. Any Employee or retiree married to another Town Employee or retiree and on the spouse’s Town health insurance coverage and receiving the in lieu of payment on April 23, 2019, shall be grandfathered from the “in lieu of coverage” payment prohibition set forth in Section 5.07(b).. (c) Each Employee who rejects coverage under the either or both of such Town-sponsored Plan Plans as provided in the preceding paragraph subparagraph (b) above may, at his or her option during the Town’s next annual open-enrollment period, apply to reinstate coverage the Plan under either or both such Plans previously rejected provided the Employee authorizes the Town to resume deducting the Employee’s premium share for such coverage coverage, described above, from his or her regular pay. If the Employee applies because he or she has lost coverage due to the death of a spouse, divorce or legal separation or termination of spouse’s employment, or other qualifying event, the Employee will shall be reinstated on the first day of the month following the approval of the application. Employees who once rejected such coverage and apply for reinstatement of coverage under the Plan either of both such Plans shall not have to prove insurability.