Common use of Healthcare Buy-Back Clause in Contracts

Healthcare Buy-Back. Any member who has coverage or is eligible for coverage under another health insurance plan may elect to waive the Town health plan and receive an annual payment equal to Two Thousand dollars ($2,000). Payments for the buy-back will be pro-rated over bi-weekly pay periods throughout the fiscal year. Members electing to participate in the health buy-back program shall deliver a signed, witnessed waiver form to the Personnel Office prior to each June 15th as well as a letter from the organization providing the coverage. In the event that a member who has elected to drop the health coverage as provided above decides to reinstate either or both coverage’s, the following shall apply: A. Except as provided in (B) below, reinstatement may be effective only at the beginning of the plan year (July 1) and application must be made in writing to the Personnel Office no later than June 15. B. Reinstatement may be requested during the plan year if such request is due to loss of the other coverage for reasons beyond the member’s control. A request for mid-year reinstatement must be made in writing to the Personnel Office. If the request is approved by the insurer, reinstatement shall be effective the first of the month which is at least fifteen (15) calendar days following such approval. All reinstatement is subject to the insurer’s rules and contingent upon the insurer’s approval. It is the understanding of the Town that employees will not be denied reinstatement based on valid requests.

Healthcare Buy-Back. Any member who has coverage or is eligible for coverage under another health insurance plan may elect to waive the Town health plan and receive an annual payment equal to Two Thousand dollars ($2,0002,000.00). Payments for the buy-back will be pro-rated over bi-weekly pay periods throughout the fiscal year. Members electing to participate in the health buy-back program shall deliver a signed, witnessed waiver form to the Personnel Office prior to each June 15th as well as a letter from the organization providing the coverage. In the event that a member who has elected to drop the health coverage as provided above decides to reinstate either or both coverage’scoverages, the following shall apply: A. 1. Except as provided in (B2) below, reinstatement may be effective only at the beginning of the plan year (July 1) and application must be made in writing to the Personnel Office no later than June 15. B. 2. Reinstatement may be requested during the plan year if such request is due to loss of the other coverage for reasons beyond the member’s control. A request for mid-year reinstatement must be made in writing to the Personnel Office. If the request is approved by the insurer, reinstatement shall be effective the first of the month which is at least fifteen (15) calendar days following such approval. All reinstatement is subject to the insurer’s rules and contingent upon the insurer’s approval. It is the understanding of the Town that employees will not be denied reinstatement based on valid requests.

Healthcare Buy-Back. Any member who has coverage or is eligible for coverage under another health insurance plan may elect to waive the Town health plan and receive an annual payment equal to Two Thousand dollars ($2,000). Payments for the buy-back will be pro-rated over bi-weekly pay periods throughout the fiscal year. Members electing to participate in the health buy-back program shall deliver a signed, witnessed waiver form to the Personnel Office prior to each June 15th as well as a letter from the organization providing the coverage. In the event that a member who has elected to drop the health coverage as provided above decides to reinstate either or both coverage’scoverages, the following shall apply: A. 1. Except as provided in (B2) below, reinstatement may be effective only at the beginning of the plan year (July 1) and application must be made in writing to the Personnel Office no later than June 15. B. 2. Reinstatement may be requested during the plan year if such request is due to loss of the other coverage for reasons beyond the member’s control. A request for mid-year reinstatement must be made in writing to the Personnel Office. If the request is approved by the insurer, reinstatement shall be effective the first of the month which is at least fifteen (15) calendar days following such approval. All reinstatement is subject to the insurer’s rules and contingent upon the insurer’s approval. It is the understanding of the Town that employees will not be denied reinstatement based on valid requests.