Common use of Health Insurance Buy-Out Clause in Contracts

Health Insurance Buy-Out. If an employee and the employee’s spouse both work for the Employer, such employee and spouse shall only be eligible to receive benefits from one family health and dental insurance plan. Such provision shall not exclude an employee from the Health Insurance Buy-Out program. An eligible employee may decline the health, dental and vision coverage provided in this Article XV, and instead elects to receive payment of one thousand two-hundred fifty dollars ($1,250) for each full calendar year that he or she declines family coverage or six hundred fifty dollars ($650) for each full calendar year that he or she declines individual coverage. An eligible employee who currently participates in the Employer’s Plan may decline health, dental and vision coverage (to be effective on January 1 of the following year) only between November 1 and November 15 of any calendar year. The Employer may, in its sole discretion, grant a request to decline coverage that is made before November 1 or after November 15. After an employee declines such health, dental and vision coverage, the employee will not be eligible to enroll in the Employer’s Plan unless the employee provides satisfactory documentation that the employee no longer has alternate coverage. Under such circumstances, the employee shall be allowed to re-enroll in the Employer’s Plan, subject to the Plan’s enrollment procedures and requirements. When an employee re-enrolls in the Employer’s Plan during the Plan year, the employee shall be eligible to receive (at the end of the calendar year) a pro-rated payment based upon the number of months during the year for which the employee did not receive coverage under the Plan. Less than full-time employees shall also be entitled to this option to be calculated on a pro-rata basis. Upon satisfaction of the conditions set forth below, payment will be made at the end of the calendar year. In order to receive the full payment set forth above, the employee must: (i) be actively employed by the Employer for the entire calendar year; and (ii) provide satisfactory documentation establishing that the employee was covered under a health insurance plan for the entire calendar year. Such documentation must be provided prior to payment at the end of the year. In addition to the pro-rated payment described above, the Employer shall provide an eligible employee (at the end of the calendar year) with a pro-rated payment for a partial year of declined coverage when such coverage is declined during the employee’s initial and terminal years of employment. In order to receive the pro-rated payment described in this Section, the employee must: (i) be actively employed by the Employer for the entire period for which the employee declined coverage; and (ii) provide satisfactory documentation establishing that the employee was covered under a health insurance plan for the entire period that coverage was declined. Such documentation must be provided at the end of the year.

Health Insurance Buy-Out. If an employee and the employee’s spouse both work for the Employer, such employee and spouse shall only be eligible to receive benefits from one family health and dental insurance plan. Such provision shall not exclude an employee from the Health Insurance Buy-Out program. An eligible employee may decline the health, dental and vision coverage provided in this Article XV, and instead elects to receive payment of one thousand two-five hundred fifty dollars ($1,2501,500) for each full calendar year that he or she declines family coverage or six hundred fifty dollars ($650) for each full calendar year that he or she declines individual coverage. An eligible employee who currently participates in the Employer’s Plan may decline health, dental and vision coverage (to be effective on January 1 of the following year) only between November 1 and November 15 of any calendar year. The Employer may, in its sole discretion, grant a request to decline coverage that is made before November 1 or after November 15. After an employee declines such health, dental and vision coverage, the employee will not be eligible to enroll in the Employer’s Plan unless the employee provides satisfactory documentation that the employee no longer has alternate coverage. Under such circumstances, the employee shall be allowed to re-enroll in the Employer’s Plan, subject to the Plan’s enrollment procedures and requirements. When an employee re-enrolls in the Employer’s Plan during the Plan year, the employee shall be eligible to receive (at the end of the calendar year) a pro-rated payment based upon the number of months during the year for which the employee did not receive coverage under the Plan. Less than full-time employees shall also be entitled to this option to be calculated on a pro-rata basis. Upon satisfaction of the conditions set forth below, payment will be made at the end of the calendar year. In order to receive the full payment set forth above, the employee must: (iï) be actively employed by the Employer for the entire calendar year; and (ii) provide satisfactory documentation establishing that the employee was covered under a health insurance plan for the entire calendar year. Such documentation must be provided prior to payment at the end of the year. In addition to the pro-rated payment described above, the Employer shall provide an eligible employee (at the end of the calendar year) with a pro-rated payment for a partial year of declined coverage when such coverage is declined during the employee’s initial and terminal years of employment. In order to receive the pro-rated payment described in this Section, the employee must: (iï) be actively employed by the Employer for the entire period for which the employee declined coverage; and (ii) provide satisfactory documentation establishing that the employee was covered under a health insurance plan for the entire period that coverage was declined. Such documentation must be provided at the end of the year.

Health Insurance Buy-Out. If an employee and the employee’s spouse both work for the Employer, such employee and spouse shall only be eligible to receive benefits from one family health and dental insurance plan. Such provision shall not exclude an employee from the Health Insurance Buy-Out program. An eligible employee may decline the health, dental and vision coverage provided in this Article XVXVII, and instead elects to receive payment of one thousand two-five hundred fifty dollars ($1,2501,500) for each full calendar year that he or she declines family coverage or six hundred fifty dollars ($650) for each full calendar year that he or she declines individual coverage. Less Than Full-Time employees shall also be entitled to this option to be calculated on a pro-rata basis. Upon satisfaction of the conditions set forth below, payment will be made at the end of the calendar year. In order to receive the payment set forth above, the employee must: (i) be actively employed by the Employer for the entire calendar year; and (ii) provide satisfactory documentation establishing that the employee was covered under a health insurance plan to which another individual subscribed for the entire calendar year. Such documentation must be provided prior to payment at the end of the year. An eligible employee who currently participates in the Employer’s Plan may decline health, dental and vision coverage (to be effective on January 1 of the following year) only between November 1 and November 15 of any calendar year. The Employer may, in its sole discretion, grant a request to decline coverage that is made before November 1 or after November 15. After an employee declines such health, dental and vision coverage, the employee will not be eligible to enroll in the Employer’s Plan unless the employee provides satisfactory documentation that the employee no longer has alternate coverage. Under such circumstances, the employee shall be allowed to re-enroll in the Employer’s Plan, subject to the Plan’s enrollment procedures and requirements. When an employee re-enrolls in the Employer’s Plan during the Plan year, the employee shall be eligible to receive (at the end of the calendar year) a pro-rated payment based upon the number of months during the year for which the employee did not receive coverage under the Plan. Less than full-time employees shall also be entitled to this option to be calculated on a pro-rata basis. Upon satisfaction of the conditions set forth below, payment will be made at the end of the calendar year. In order to receive the full payment set forth above, the employee must: (i) be actively employed by the Employer for the entire calendar year; and (ii) provide satisfactory documentation establishing that the employee was covered under a health insurance plan for the entire calendar year. Such documentation must be provided prior to payment at the end of the year. In addition to the pro-rated payment described above, the Employer shall provide an eligible employee (at the end of the calendar year) with a pro-rated payment for a partial year of declined coverage when such coverage is declined during the employee’s initial and terminal years of employment. In order to receive the pro-rated payment described in this Section, the employee must: (i) be actively employed by the Employer for the entire period for which the employee declined coverage; and (ii) provide satisfactory documentation establishing that the employee was covered under a health insurance plan for the entire period that coverage was declined. Such documentation must be provided at the end of the year.