Health Insurance Buyout - Active Employees a. In lieu of participating in the health insurance and prescription drug coverage provided in this article, for which the employee would be otherwise eligible, an employee may elect to waive such coverage in favor of direct compensation. Election to participate in this option must be made in writing on a form provided by the District no later than June 15 for the subsequent school fiscal year and once selected is irrevocable for the duration of the fiscal year except for reasons of a qualifying event as defined by the Internal Revenue Code. Elections to participate must be submitted annually, on the form provided by the District. Where one spouse is employed by the District and receives the health insurance benefit, and the other spouse is a benefit eligible District employee as well, one of the spouses may elect to participate in the buyout at the individual buyout amount. Employees who opt off District coverage during the 2013-2014 year, following the ratification date, will be eligible for a buyout amount in January 2015.
Health Insurance Buyout - Active Employees a. In lieu of participating in the health insurance and prescription drug coverage provided in this article, for which the employee would be otherwise eligible, an employee may elect to waive such coverage in favor of direct compensation. Election to participate in this option must be made in writing on a form provided by the District no later than June 15 for the subsequent school fiscal year and once selected is irrevocable for the duration of the fiscal year except for reasons of a qualifying event as defined by the Internal Revenue Code. Elections to participate must be submitted annually, on the form provided by the District and with the required proof of coverage. Where one spouse is employed by the District and receives the health insurance benefit, and the other spouse is a benefit eligible District employee as well, one of the spouses may elect to participate in the buyout at the individual buyout amount.
Health Insurance Buyout - Active Employees. A. Effective January 1, 2017, the District will offer a “buy-out” of $1,000 to employees unit members who qualify for full health benefits if at least 20 qualifying full time unit members elect, by December 30, not to participate in any health insurance offered by the District in the subsequent year. A “qualifying” unit member is one who does not purchase coverage on the health exchange or who does not participate in District provided coverage as a spouse/dependent of another individual employed by or retired from the District. Non-qualifying unit members are not eligible for the buy-out.
Health Insurance Buyout - Active Employees a. In lieu of participating in the health insurance and prescription drug coverage provided in this article, for which the employee would be otherwise eligible, an employee may elect to waive such coverage in favor of direct compensation. Election to participate in this option must be made in writing on a form provided by the District no later than June 15 for the subsequent school fiscal year and once selected, is irrevocable for the duration of the fiscal year except an employee may elect to waive coverage during the year based upon the following: the time the employee was hired, a qualifying event as defined by the Internal Revenue Code, or an open enrollment period for a spouse who works for a different employer. The District will make a prorated buyout payment to employees electing a less than full year waiver, within 30 days of submission of all necessary documentation. Where one spouse is employed by the District and receives the health insurance benefit, and the other spouse is a benefit eligible District employee as well, one of the spouses may elect to participate in the buyout, as per the following table: Size of Household (incl. both BCTA Members): Buyout Level: Two Person Household Individual Three Person Household Two Person Four or More People in Household Family
