Common use of Insurance Buy-Back Clause in Contracts

Insurance Buy-Back. The Township agrees to make a payment to any employee who elects to waive their rights to certain insurance coverage provided by the Township. The Payment will be made on a calendar year basis and will be paid to those employees who have filed a waiver of coverage with the Personnel for the coming year. The waiver must be filed at least one (1) month in advance of the effective date of the waiver. The amount of payment per year for a waiver of the medical-surgical-major medical coverage is as follows: Single $500.00 Parent & Child $875.00 Husband & Wife $950.00 Family $1500.00 Single $100.00 Parent & Child $150.00 Family $250.00 All $100.00 If an employee elects to re-join the Township group coverage, the employees shall make application to do so, and the employee shall pay the Township the pro-rata portion of any unearned portion of the waiver payment previously paid to the employee. An employee may only re-join during an open enrollment period, if applicable. In the event that employees are married or become married while both are employed by the Township, the Township will only provide health benefits to one (1) of said employees. Said employees as covered under spouse’s health plan shall not be eligible for insurance waiver.

Insurance Buy-Back. The Township agrees to make a payment to any employee who elects to waive their rights to certain insurance coverage provided by the Township. The Payment will be made on a calendar year basis and will be paid to those employees who have filed a waiver of coverage with the Personnel for the coming year. The waiver must be filed at least one (1) month in advance of the effective date of the waiver. The amount of payment per year for a waiver of the medical-surgical-major medical coverage is as follows: Single $500.00 1,400.00 Parent & Child $875.00 2,300.00 Member/Spouse $3,200.00 Family $4,100.00 Single $400.00 Parent & Child $600.00 Husband & Wife $950.00 850.00 Family $1500.00 Single $100.00 Parent & Child $150.00 Family $250.00 1,000.00 All $100.00 If an employee elects to re-join the Township group coverage, the employees shall make application to do so, and the employee shall pay the Township the pro-rata portion of any unearned portion of the waiver payment previously paid to the employee. An employee may only re-join during an open enrollment period, if applicable. In the event that employees are married or become married while both are employed by the Township, the Township will only provide health benefits to one (1) of said employees. Said employees as covered under spouse’s health plan shall not be eligible for insurance waiver.

Insurance Buy-Back. The Township agrees to make a payment to any employee who elects to waive their rights to certain insurance coverage provided by the Township. The Payment payment will be made on a calendar year basis and will be paid to those employees who have had filed a waiver of coverage with the Personnel for the coming year. The waiver must be filed at least one (1) month in advance of the effective date of the waiver. The amount of payment per year for a waiver of the medical-surgical-major medical coverage is as follows: Single SINGLE $500.00 Parent & Child PARENT/CHILD $875.00 Husband & Wife HUSBAND/WIFE $950.00 Family FAMILY $1500.00 Single 1,500.00 PRESCRIPTION: SINGLE $100.00 Parent & Child PARENT/CHILD $150.00 Family FAMILY $250.00 All DENTAL: ALL $100.00 70.00 If an employee elects to re-join rejoin the Township group coverage, the employees employee shall make application to do so, and the employee shall pay to the Township the pro-rata portion of any unearned portion of the waiver payment previously paid to the employee. An employee may only re-join rejoin during an open enrollment period, if applicable. In the event that employees are married or become married while both parties are employed by the Township, the Township will only provide health benefits to one (1) of said employees. Said employees employee as covered under spouse’s health plan shall not be eligible for insurance waiver.

Insurance Buy-Back. The Township agrees to make a payment to any employee who elects to waive their rights to certain insurance coverage provided by the Township. The Payment payment will be made on a calendar year basis and will be paid to those employees who have had filed a waiver of coverage with the Personnel for the coming year. The waiver must be filed at least one (1) month in advance of the effective date of the waiver. The amount of payment per year for a waiver of the medical-medical- surgical-major medical coverage is as follows: Single SINGLE $500.00 Parent & Child PARENT/CHILD $875.00 Husband & Wife HUSBAND/WIFE $950.00 Family FAMILY $1500.00 Single 1,500.00 PRESCRIPTION: SINGLE $100.00 Parent & Child PARENT/CHILD 31 $150.00 Family DENTAL: FAMILY $250.00 All ALL $100.00 70.00 If an employee elects to re-join rejoin the Township group coverage, the employees employee shall make application to do so, and the employee shall pay to the Township the pro-rata portion of any unearned portion of the waiver payment previously paid to the employee. An employee may only re-join rejoin during an open enrollment period, if applicable. In the event that employees are married or become married while both parties are employed by the Township, the Township will only provide health benefits to one (1) of said employees. Said employees employee as covered under spouse’s health plan shall not be eligible for insurance waiver.