Common use of High Deductible Insurance Plan Option Clause in Contracts

High Deductible Insurance Plan Option. Each year between October 1, and November 15th, each employee will have the option to elect to participate in a High Deductible Insurance Plan for the following calendar year. If the employee does not elect to participate in the High Deductible Plan, they will automatically be enrolled in the traditional plan. Please note that once an option is elected for the following calendar year, the option cannot be changed until the next calendar year. The deductibles for the high deductible plan will be set at the IRS minimum required levels for in network. These deductibles may be subject to change as per the IRS requirements. For employees who elect the high deductible plan, the District will not be responsible for any income tax reporting requirements and employee tax responsibilities. The employee will be required to establish a Health Savings Account at a bank specified by the Board of Education. The Board will contribute to the employee’s HSA (Health Savings Account) on the first pay of the calendar year for each employee participating in the High Deductible Insurance Plan 50% of the in network deductible for single or family plan. If an employee’s status changes during the calendar year from single to family, the Board will contribute a pro-rata amount to the employee’s HSA changing it from a single to family plan. The amount of the prorated contribution will be calculated based on the difference between the family plan and the single plan multiplied by the percentage of days left in the calendar year. The employee will have the option to contribute to their Health Savings account as long as they are participating in the high deductible plan up to the IRS limits.

High Deductible Insurance Plan Option. 1. Each year between October 1, and November 15th, each employee will have the option to elect to participate in a High Deductible Insurance Plan for the following calendar year. If the employee does not elect to participate in the High Deductible Plan, they will automatically be enrolled in the traditional plan. Please note that once an option is elected for the following calendar year, the option cannot be changed until the next calendar year. The deductibles for the high deductible plan will be set at the IRS minimum required levels for in network. These deductibles may be subject to change as per the IRS requirements. For employees who elect the high deductible plan, the District will not be responsible for any income tax reporting requirements and employee tax responsibilities. The employee will be required to establish a Health Savings Account at a bank specified by the Board of Education. The Board will contribute to the employee’s HSA (Health Savings Account) on the first pay of the calendar year for each employee participating in the High Deductible Insurance Plan 50% of the in network deductible for single or family plan. If an employee’s status changes during the calendar year from single to family, the Board will contribute a pro-rata amount to the employee’s HSA changing it from a single to family plan. The amount of the prorated contribution will be calculated based on the difference between the family plan and the single plan multiplied by the percentage of days left in the calendar year. The employee will have the option to contribute to their Health Savings account as long as they are participating in the high deductible plan up to the IRS limits.