Coverage Opt-Out. 1. Employees who would be considered Eligible Employees but are covered by their spouse's insurance program may elect not to participate in Employer’s insurance coverage during the annual enrollment period. Cash in lieu of benefit payments shall be paid to employees who are eligible in the amount equal to 50% of the single subscriber premium rates for the Core Plan (based on the aggregated state “cap” for single coverage plus vision/dental insurance) in effect at the time of payment (subject to required state and federal taxes) beginning the 1st pay period after July 1, as stated in the Section 125 Plan document. Such cash in lieu of benefit payments will be made each pay period that the employee opts out of Employer insurance coverage.
Coverage Opt-Out. 1. Employees who would be considered Eligible Employees but are covered by their spouse's insurance program may elect not to participate in Employer insurance coverage during the annual enrollment period. Cash in lieu of benefit payments shall be paid to employees who are eligible in the amount equal to 50% of the single subscriber premium rates for the Core Plan paid by the Employer in effect at the time of payment (subject to required state and federal taxes) beginning the first pay period after July 1 as stated in the Section 125 Plan document. Such cash in lieu of benefit payments will be made each pay period (26 pay periods per year) that the employee opts out of Employer insurance coverage and will be based upon the single subscriber premium rates for the Core Plan paid by the Employer at the time of payment.
