Common use of Health Insurance Buy-back Clause in Contracts

Health Insurance Buy-back. Effective January 1, 2001 an employee who is covered under alternate health insurance through another employer (e.g. spouse) may elect in writing, on a form provided by the Town, to waive coverage under the Town’s health and dental insurance programs. Such employee shall receive $1,000 (one thousand dollars), alternatively, an employee eligible for health and dental coverage for 2 or more persons who waives same shall receive $1,500; on or about December 1 of each year, and prorated as necessary based on the number of calendar months out of the preceding twelve (12) months during which the Town was not required to pay any premiums for health/dental coverage for the employee or his/her dependents. Re-entry into the Town’s insurance program shall be permitted on the first day of January, April, July or October of each year.

Health Insurance Buy-back. Effective January 1, 2001 an employee who is covered under alternate health insurance through another employer (e.g. spouse) may elect in writing, on a form provided by the Town, to waive coverage under the Town’s health and dental insurance programs. Such employee shall receive $1,000 (one thousand dollars), alternatively, an employee eligible for health and dental coverage for 2 or more persons who waives same shall receive $1,500; on or about December 1 of each year, and prorated as necessary based on the number of calendar months out of the preceding twelve (12) months during which the Town was not required to pay any premiums for health/dental coverage for the employee or his/her dependents. Re-entry into the Town’s insurance program shall be permitted on the first day of January, April, July July, or October of each year.