Health Insurance Buyout Sample Clauses

Health Insurance Buyout a. Effective January 1, 2015 professionals that are eligible for Health Insurance (except leave of absence replacements that are less that a full school year) who submit satisfactory proof of alternate health insurance coverage, shall have the option of withdrawing from the District’s health insurance plan. Such professional shall execute any District documents required to effect such withdrawal. b. Requests to opt out of the district’s health insurance plans must be processed by July 1. The district shall receive notification 30 days in advance of these dates. Professionals with the intent to opt out of the district’s health insurance program must indicate so using the appropriate District form. c. If professionals who are eligible for health insurance opt out according to this provision, the District shall pay to such professional, $2500 per year if covered by insurance other than that provided by the district and $500 per year if insurance is carried by another district employee. The employee must provide proof of alternate coverage. Payment will be made on June 30th. Payment will be prorated for the year should an employee resign from their position or if such election to opt out of the district’s health insurance program became effective after July 1st of a given school year. d. In the event a professional who has elected withdrawal leaves District employment or reenters the plan following a qualifying event before June 30th of any school year, the District will pay a pro-rata portion of the amount specified in letter D (c) of this section on June 30th. A qualifying event will be defined in the same way as it is for COBRA eligibility. e. A professional hired after the start of a school year and choosing to opt out of the District’s health insurance plans will receive a pro-rata portion of the amount specified in letter D (c) of this section on June 30th. f. During any open enrollment, a member who previously elected to participate in the health insurance buyout may opt in to the district’s insurance.

Health Insurance Buyout. The District shall pay each eligible employee, who elects not to participate in the Health Insurance Plan identified in this Article a fixed sum of money or prorated portion thereof, as follows: The buy-out for those who elect not to participate in the Health Insurance Plan shall be five thousand four hundred dollars ($5,400) for the life of the contract for those eligible unit members hired on or before June 30, 2009. The buy-out for those who elect not to participate in the Health Insurance Plan shall be three thousand dollars ($3,000) for the life of the contract for those eligible unit members hired on or after July 1, 2009. All new unit members hired on or after July 1, 2018 must take the amended Classic Blue Plan. For these new employees, the insurance buyout shall be $5500. Pre-July 1, 2018 unit members who choose to take the amended Classic Blue Plan will be offered an insurance buyout of $5500. The decision will be irrevocable. Unit members hired prior to July 1, 2018 who are participating in the current buyout of $3,000 or $5,400 and elect to take health insurance after a new agreement is reached, ratified and Board-approved will be enrolled in the current Classic Blue Plan. A unit member hired prior to July 1, 2018 who opts for the new $5500 buyout will forfeit the current Classic Blue Plan and must take the amended Classic Blue Plan should they subsequently decide to enroll in District health insurance. The parties agree that the 6 employees entitled to the $5500 buyout per the criteria above shall continue to be eligible for this buy out amount during the time they choose not to take health insurance through the District. An employee who elects this alternative instead of participating in the Health Insurance Plan shall inform the District in writing by the 15th day preceding the month they intend to participate. An employee who elects this alternative to the Health Insurance Plan shall receive the sum of money, or part thereof, on the last day of September, December, March, and June for those months in which they elected this alternative. An employee who later elects to participate in the Health Insurance Plan shall inform the District in writing by the 15th day preceding the month they intend to participate. Payment of the fixed sum of money, or prorated portion thereof, shall cease upon electing to participate in the Health Insurance Plan. The District reserves the right to restrict the number of times an employee elects to participate in t...

Health Insurance Buyout. The District shall pay each eligible employee, who elects not to participate in the Health Insurance Plan identified in this Article a fixed sum of money or prorated portion thereof, as follows: The buy-out for those who elect not to participate in the Health Insurance Plan shall be five thousand four hundred dollars ($5,400) for the life of the contract for those eligible unit members hired on or before June 30, 2009. The buy-out for those who elect not to participate in the Health Insurance Plan shall be three thousand dollars ($3,000) for the life of the contract for those eligible unit members hired on or after July 1, 2009. An employee who elects this alternative instead of participating in the Health Insurance Plan shall inform the District in writing by the 15th day preceding the month they intend to participate. An employee who elects this alternative to the Health Insurance Plan shall receive the sum of money, or part thereof, on the last day of September, December, March, and June for those months in which they elected this alternative. A nem p loyeew holaterelectstop articip ateinthe H ealth Xxxx xxxxx Planshall inform the District in writing by the 15lh day preceding the month they intend to participate. Payment of the fixed sum of money, or prorated portion thereof, shall cease upon electing to participate in the Health Insurance Plan. The District reserves the right to restrict the number of times an employee elects to participate in the Health Insurance Plan or this alternative in any one (1) school year.

Health Insurance Buyout. Unit members who are otherwise insured may voluntarily opt out of the College’s health insurance program and receive a payment of $450 for the year. Eligibility for participation in the buy-out requires submission of the Vassar College Cash-Out Form and proof of alternate coverage by no later than April 1st of the preceding fiscal year. The buyout payment shall increase to $500 effective July 1, 2020, and to $550 effective July 1, 2021. Re-entry into the District’s health insurance program shall be limited to persons who have lost alternative coverage and shall be allowed at any time, subject only to the waiting period, if any, or 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.

Health Insurance Buyout. 1. A full-time GELC member who is entitled to County health insurance benefits shall have the option of receiving compensation in lieu of the Employer’s health care benefits.

Health Insurance Buyout. 14.2.1 On or before June 1st of each school year existing unit members and or retirees who desire to opt out of health insurance coverage shall inform in writing, on a form provided by the District, to the School Business Administrator of their decision. The health insurance coverage would then be discontinued effective July 1st. The health insurance buyout paid to employees or retirees shall be $4,000 for 1-24 participants; and $5,000 if there are 25 or more participants. The health insurance buyout paid to employees or retirees shall be $6,000 if there are 60 or more participants. On or before December 1st of each school year existing unit members and or retirees who desire to opt out of health insurance coverage shall inform in writing, on a form provided by the District, to the School Business Administrator of their decision. The health insurance coverage would then be discontinued effective January 1st. In return for opting out the unit member shall receive a payment of 50% of the full corresponding buyout amount to be paid on or before April 15th by the District. Employees hired after June 1st must notify the School Business Administrator of their decision regarding the health insurance option within thirty (30) calendar days of their appointment. For those employees who decide to opt out of the health insurance coverage payment will be calculated on a monthly pro-rata basis. 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 for those unit members or retirees participating in the voluntary buy-out shall be governed by the rules of the health insurance plan(s) provided for in this Agreement. Re- entry shall be conditioned upon such unit member repaying on a pro-rated basis 1/12th of buyout amount for each month remaining in the school year in question. 14.2.2 Employees shall participate in a mandatory buy-out of any District provided dual family coverage effective on the dates specified in Section 14.2.1 above. Employees required to participate in the mandatory health insurance buy-out and/or retired employees affected by same will be allowed re-entry to the District health insurance program subject to one of the following conditions: a. Upon the death of the spouse whose policy provided coverage, provided that written evidence of said death is presented to the District. b. Upon the divorce of the spouse whose policy provided the cove...

Health Insurance Buyout. 1. A full-time employee who is insured under another health insurance plan may elect to refuse participation in the Employer's health insurance plan. Such employee shall receive one-twelfth of 33-1/3 percent of the Employer’s savings (but not less than $100) for each month the employee is eligible but does not elect coverage. Payment shall be made the first pay period of the following month. 2. To be eligible for the health insurance “buy-out” the employee must document that the employee is covered under another health insurance plan. Thereafter, such employee must provide documentation on, or immediately before, December 1st of each year. 3. An employee may elect to resume coverage in the Employer’s health insurance plan on the first day of the following month provided the employee gives the Employer a minimum of five (5) business days’ notice. Reinstatement shall be subject to any terms, conditions and/or limitations pertaining to pre-existing medical conditions as set forth in the contracts issued by the carrier. 4. A retiree shall not be eligible for the health insurance "buy­ out”. 5. In the event a husband and wife are both employed by the County and one is receiving County provided health insurance benefits, the other spouse shall not be entitled to the buy-out option.

Health Insurance Buyout. Associates electing not to participate in the health insurance plan offered by the County of Waldo will be compensated 34% of the applicable annual health insurance premium for which they are eligible. The County will retain 66% of that applicable health insurance premium. Associates electing the buyout must show proof of participation in another health insurance plan. Certificate of Coverage must be submitted to the Human Resources Director each year by the end of January. The premium buy out will be paid to the Associate quarterly upon completion of each quarter, by the fifteenth of the following month, separate from the Associate’s normal bi-weekly paycheck. Effective January 1, 2018, the Health Insurance Buy Out provision will no longer be available to any Associate not already receiving it.

Health Insurance Buyout. A. Upon full compliance with the provision of (B) below, an eligible full-time teacher who does not participate in the health insurance plan of the District shall be eligible to receive a cash payment of $2000 subject to applicable withholdings if the teacher does not participate in the plan for the entire school year. (July 1 - June 30). The amount will be pro-rated for those teachers hired after the year has begun or leaving the employment of the district before the school year ends. In Tinmouth, the amount of said payment shall be $1,500 except for those teachers who were receiving more than $1,500 as of 3/12/12. They shall continue to be paid that higher amount unless they enroll in a District insurance plan; after such enrollment they will no longer be eligible for the higher payment amount when or if they subsequently withdraw from the insurance plan. B. To receive the cash payment provided for in paragraph (a) above, a teacher otherwise eligible to elect coverage under the Group Medical Plan of the District must notify the Board in writing by registered or certified mail to the Superintendent on or before May 15th prior to the school year in which the teacher does not intend to participate in the insurance coverage. A teacher newly hired after the notice date shall give notice at the time of hire. Payment under this provision shall be made with the last paycheck of the school year in which the teacher does not participate in the insurance plan. C. The insurance buyout provided for herein will be paid, pro-rata to part-time teachers who qualify. The payment shall be pro-rated based on full-time equivalent (FTE) teaching assignment.

Health Insurance Buyout. An administrator who is enrolled in the District's health insurance plan and who has alternate health insurance coverage from an employer other than the District shall have—'the_ option_o.