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: • Employees hired prior to July 1, 2004 who opted out of the employer provided health insurance and who have continuously opted out shall be paid three thousand two hundred twenty-five dollars and seventy-two cents ($3,225.72) each school year. • Those hired on or after July 1, 2004 or those employees hired prior to July 1,2004 who elect not to take health insurance (except as provided in the paragraph above) shall be paid one thousand six hundred dollars ($1,600) each school year. An employee who elects this alternative to the health reimbursement 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 reimbursement plan shall receive the sum of money, or part thereof, on the last day of September, December, March and June for the months in which they elect 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 reimbursement plan. The District reserves the right to restrict the number of times an employee elects to participate in the health reimbursement plan or this alternative in any one (1) school 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. 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. 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, the Director of Finance of their decision. The health insurance coverage would then be discontinued effective July 1st. Effective July 1, 2010, 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. 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, the Director of Finance 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 to Director of Finance 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 coverage, provided that written evidence of said divorce is presented to the District. c. Upon involuntary termination of health ...

Health Insurance Buyout. Employees may opt out of the Employer’s health insurance program in whole or in part for periods of a full year by completing the appropriate form furnished by the Employer. In order to be eligible for this option a member of the bargaining unit must certify that he or she has health insurance through another source other than the Employer. An employee opting out of the Employer’s health insurance program in whole or in part shall be paid 40% of the premium savings, provided he or she maintains his or her waiver (remains out) for a full year. Payments shall be subject to all usual payroll deductions and shall be made on the first Friday in December which is not a payday. Employees electing to waive coverage must do so by filing their forms no later than April 30 in any year, with the provisions of this Section taking effect on July 1. Once a waiver form has been filed with the Employer, the waiver shall continue to be in effect from year to year thereafter until the employee elects to reenroll; and the employee shall be entitled to the applicable payment for waiver for each full year his or her waiver is in effect. It is understood that once an employee has waived coverage for a particular year, he or she may not reinstate coverage for that year except in the event of an emergency causing the loss of insurance through another and consistent with the rules and regulations of the City’s flexible spending plan and applicable regulations. Emergency shall include loss of employment, or termination of insurance for, a spouse whose employer had provided the alternative insurance. Emergency shall not include the change of any such alternative insurance from a non-contributory to a contributory plan, or the voluntary declination of the spouse of insurance offered by the spouse’s employer. Reinstatement of coverage for the succeeding year may be made by notifying the Employer in writing no later than April 30 to be effective the succeeding fiscal year. This deadline shall not apply to emergency reinstatement of insurance as provided for in the above paragraph, but such reinstatement shall be subject to whatever requirements or deadlines are imposed by the Employer’s carrier(s). If reinstatement occurs during a waived year due to emergency, the employee will repay, prorate, any amount already forwarded to him or her in return for the waiver, by payroll deduction. In the event that the IRS or a court of competent jurisdiction finally determines that employees not rece...

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 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. 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. Incentive to decline Health Insurance – Any unit member who elects not to take the health insurance coverage will receive a $3,000 incentive, payable no later than November 30 of the school year. This election shall be by written notice to the Superintendent no later than September 30 of each school year. Any member who elects the buyout of the insurance will supply proof of alternate coverage. Re-entry into the health plan shall be permitted under the following conditions: A. The amounts paid by the District as incentive on a pro-rata basis shall be paid back prior to re-entry. B. Any re-entry of participation in said plan shall be subject to administrative regulations of the Granville Health Insurance Program. (Unless a trigger event occurs, re-entry is limited to July 1st of each school year.) Once this option is exercised, unless a trigger event occurs, the individual will be ineligible for insurance for the duration of that school fiscal year. C. The parties agree that a “trigger event” shall be defined as the loss of alternate health insurance coverage. D. On an annual basis an employee is covered under the health insurance program unless the employee opts out by September 30th. E. A $3000 incentive will be paid to any full time employee who elects to not take the insurance coverage. A pro-rata, partial, payment will be made to eligible part time employees.

Health Insurance Buyout. Effective July 1, 2010, the District will pay each eligible employee who opts out of health insurance coverage the sum of $2000.00 per year provided that only one member of a family employed by the District qualifies for this buyout.