HEALTH INSURANCE BUY-OUT OPTION Sample Clauses

HEALTH INSURANCE BUY-OUT OPTION. 1. Effective January 1, 1995, an employee who is eligible for family coverage under the County’s health insurance program, but elects to forego all medical coverage, will receive $2,000 annually in lieu of medical coverage. An employee who is eligible for Family coverage but elects to take individual coverage will receive $1,000 annually in lieu of family coverage. An employee who is eligible but does not elect individual coverage under the County’s health insurance plan will receive $1,000 in lieu of receiving individual coverage.
Sample 1
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HEALTH INSURANCE BUY-OUT OPTION a. Eligibility - any full time employee employed at the time period designated by the employer as an open enrollment period and who has health insurance available from a source other than Employer is eligible to participate in this program.
Sample 1
HEALTH INSURANCE BUY-OUT OPTION. ‌ On or before June 1st of each school year, existing unit members shall inform the business administrator of their decisions to opt out of the District’s health insurance plan effective July 1st. In return for opting-out, the unit member shall receive a payment of $2,500.00, provided the District does not realize an increase in its cost of increasing the level of the buy-out. So, for example, if currently ten employees use the opt-out, the District pays out $15,000.00 per year under the existing opt-out payment (10 x $1,500.00 = $15,000.00). If the opt-out payment is increased to $2,500.00, the District would pay out $25,000.00 per year (10 x $2,500.00 = $25,000.00). Hence, for the District to implement the increased opt-out amount other employees currently taking health insurance from the District would have to opt-out so that the District would not increase its cost of the opt-out provision (i.e., the savings realized by other employees opting-out must at least equal the cost of increasing the opt-out amount). Once the District realizes the savings as per this provision, the $2,500.00 buy-out amount will be a fixed amount unless and until the parties change the amount in future negotiations. To be entitled to the payment referenced above, the unit member must produce proof of health insurance coverage from another source at the time of application. Re-entry shall be governed by the rules of the health insurance plan(s) provided for in this Agreement. Re-entry shall be conditioned upon the unit member repaying on a pro-rated basis 1/12th of the buy-out amount for each month remaining in the school year in question.
Sample 1
HEALTH INSURANCE BUY-OUT OPTION. Unit members who are otherwise health insured may voluntarily opt out of the District’s health insurance program and receive a payment of$2,500.00, per annum, for opting out. The employee must give written notice of opting-out at the dates specified below and must also produce proof of other health insurance at the time of making application for the buy-out. Written notice shall be given to the Business Office on or before May 31st for each period commencing July 1st of the following school year. Re-entry into the District’s health insurance program shall be allowed at any time, subject only to the waiting period, if any, of the health insurance program’s rules and regulations. Upon re-entry, the unit member must refund the pro-rated amount of the buy-out paid for the remaining months of the applicable year. New hirees may opt out and receive this benefit on a pro-rated basis where applicable, at the time of hire, provided that proof of other health insurance is furnished to the Business Office at the time of making written application. In the event that a unit member leaves the employ of the District after receiving a buy-out payment, but before the end of the applicable time period covered by such payment, such unit member shall be obligated to repay the District on a pro-rated basis the amount of buy-out payment for the remaining part of the period of the buy-out. The District is also expressly authorized to deduct that amount from the remaining paycheck(s) of said employee in the event that repayment is not otherwise made.
Sample 1

Related to HEALTH INSURANCE BUY-OUT OPTION

  • Health Insurance The Couple agrees that: (check one) ☐ - Each Spouse is responsible for THEIR OWN health insurance. ☐ - Health insurance IS PROVIDED by ☐ Husband ☐ Wife (“Health Insurance Paying Spouse”) to ☐ Husband ☐ Wife (“Health Insurance Receiving Spouse”). Health insurance shall include: (check all that apply) ☐ - Medical ☐ - Dental ☐ - Vision Care ☐ - Other. . To facilitate the use of such coverage for the Health Insurance Receiving Spouse, the Health Insurance Paying Spouse shall cooperate fully and in a timely manner, including, but not limited to, obtaining and providing all necessary insurance cards and claim forms, completing and submitting all necessary documents, and delivering all insurance payments.

  • Health Insurance Benefits To the extent provided by the federal COBRA law or, if applicable, state insurance laws, and by the Company’s current group health insurance policies, Executive will be eligible to continue Executive’s group health insurance benefits at Executive’s own expense. If Executive timely elects continued coverage under COBRA, the Company shall pay Executive’s COBRA premiums, and any applicable Company COBRA premiums, necessary to continue Executive’s then-current coverage for a period of 12 months after the date of Executive’s termination of employment; provided, however, that any such payments will cease if Executive voluntarily enrolls in a health insurance plan offered by another employer or entity during the period in which the Company is paying such premiums. Executive agrees to immediately notify the Company in writing of any such enrollment. Notwithstanding the foregoing, if the Company determines, in its sole discretion, that it cannot provide the foregoing benefit without potentially incurring financial costs or penalties under applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company shall in lieu thereof provide to Executive a taxable monthly amount to continue his group health insurance coverage in effect on the date of separation from service (which amount shall be based on the premium for the first month of COBRA coverage), which payments shall be made regardless of whether Executive elects COBRA continuation coverage and shall commence in the month following the month in which Executive incurs a separation from service and shall end on the earlier of (x) the date on which Executive voluntarily enrolls in a health insurance plan offered by another employer or entity during the period in which the Company is paying such amounts and (y) 12 months after the date of Executive’s separation from service.

  • Group Health Insurance Immediately following retirement, the teacher and his/her spouse, if any, shall have the option of remaining in the Corporation’s current group health insurance plan if all of the following conditions are met as of the date of retirement and thereafter:

  • Retiree Health Insurance Retired members of the Department receiving, or to receive City of Lincoln monthly pension checks, may participate in the group comprehensive health care plan for active City employees, provided that each retiree so desiring will execute the required forms in a timely fashion, and further provided that each retiree will be required to pay the full monthly cost at the current rates subject to any rate increases which may occur from time to time. Such payment will be made by payroll deduction from pension checks, or by direct payment in the case of an early retiree.

  • Retirement Health Insurance Subd. 1. Benefit Eligibility for Employees who Retire Before Age 65

  • Health Insurance Committee The UFF-USF-GAU President will appoint one (1) employee to serve on the University's Student Health Insurance Committee.

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