Health Insurance Waiver Buyout Plan. The Health Insurance Waiver Buyout Plan shall be available to bargaining unit members who are covered under existing alternative hospitalization and major medical insurance and have opted to waive insurance coverage, as described below, available through the College. This Plan shall also apply to bargaining unit members whose spouses or domestic partners currently work at the College and in such a case is limited to the Individual Plan rate referred to below. 2292 2293 Bargaining unit members enrolling in the Plan and exercising waiver of coverage 2294 available through the College shall receive an opt-out credit. Enrollment in the 2295 Waiver Buyout Plan shall occur each year during the open enrollment period, 2296 generally held during the month of November to be effective January 1 of the 2297 following year. The Plan shall provide the bargaining unit member with an annual 2298 lump-sum payment made payable in December of each year provided such 2299 member is employed at the time of the payment, as follows: five hundred dollars 2300 ($500) (Individual); eight hundred dollars ($800) (Subscriber Plus One); or one 2301 thousand dollars ($1000) (Family Plan). The member shall provide the Office of 2302 Human Resources with proof of enrollment. The following Plan procedures shall 2303 apply: 2304 2305 • The eligible bargaining unit member shall sign a properly completed waiver (to be 2306 received in the Office Human Resources prior to the expiration of the open 2307 enrollment period), not participate in College health care plans for eleven 2308 consecutive months (January through November) prior to the date of payment 2309 and be an employee at the time of payment. A waiver shall be required annually 2310 if the bargaining unit member wishes to continue to participate in the Plan. 2311 2312 • If, during the course of the year, circumstances change and a bargaining unit 2313 member experiences a qualifying event (contact the Office of Human Resources 2314 for examples) in which alternative coverage is no longer available, such member 2315 may enroll in the College plan. However, no prorated payment will be made. 2316
Health Insurance Waiver Buyout Plan. 28 The “Health Insurance Waiver Buyout Plan” is available to all bargaining unit members who 29 have alternative hospitalization and major medical insurance and have opted to waive 30 insurance coverage available through the College. This benefit is extended to bargaining unit 31 members whose spouse/domestic partner currently works at Utica College; the benefit in this 32 instance is limited to the Individual Plan rate. (See section 4 below.) 34 Bargaining unit members waiving coverage through the College receive an opt-out credit. 35 Enrollment in the Waiver Buyout Plan will be conducted each year during the open 36 enrollment period, generally held during the month of November. During this period, eligible 37 bargaining unit members will be able to elect a change in coverage or a waiver buyout with 38 changes to be effective January 1 of the following year. 40 The Waiver Buyout Plan will provide the bargaining unit member with an annual lump-sum 42 payroll at the time of the payment. 44 The bargaining unit member must provide the Office of Human Resources, upon request, 45 proof of enrollment. 47 If an eligible bargaining unit member, after a careful review of other insurance coverage 48 available to them through alternate carriers, decides to take advantage of the “Waiver” plan, 49 he or she must comply with the following regulations to be eligible for the annual buyout:
Health Insurance Waiver Buyout Plan. The Health Insurance Waiver Buyout Plan shall be available to bargaining unit members who are covered under existing alternative hospitalization and major medical insurance and have opted to waive insurance coverage, as described below, available through the College. This Plan shall apply to bargaining unit members whose spouses or domestic partners currently work at the College and in such a case is limited to the Individual Plan rate referred to below. Bargaining unit members enrolling in the Plan and exercising waiver of coverage available through the College shall receive an opt-out credit. Enrollment in the Waiver Buyout Plan shall occur each year during the open enrollment period, generally held during the month of November to be effective January 1 of the following year. The Plan shall provide the bargaining unit member with an annual lump-sum payment made payable in December of each year provided such member is employed at the time of the payment, as follows: five hundred dollars ($500) (Individual); eight hundred dollars ($800) (Subscriber Plus One); or one thousand dollars ($1000) (Family Plan). The member shall provide the Office of Human Resources with proof of enrollment. The following Plan procedures shall apply: The eligible bargaining unit member shall sign a properly completed waiver (to be received in the Office Human Resources prior to the expiration of the open enrollment period), not participate in College health care plans for eleven consecutive months (January through November) prior to the date of payment and be an employee at the time of payment. A waiver shall be required annually if the bargaining unit member wishes to continue to participate in the Plan. If, during the course of the year, circumstances change and a bargaining unit member experiences a qualifying event (contact the Office of Human Resources for examples) in which alternative coverage is no longer available, such member may enroll in the College plan. However, no prorated payment will be made.
