Insurance Buyout Sample Clauses

Insurance Buyout. I. Employees who elect no health insurance benefits will receive $1,750 per contract year in lieu of health insurance benefits from the Board, provided they show proof of health insurance from another source as required by the Affordable Health Care Act. The $1,750 buyout will be paid in June toward the conclusion of the insurance year. If one (1) or more teachers elect this option, then, to the extent that TRS requires those teachers not electing the option to pay TRS contributions on $1,750, the Board will pay on behalf of those teachers to TRS the required contribution. Health Insurance Committee
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Insurance Buyout. Any unit member who elects not to take the health insurance coverage will receive a $1,000 incentive for individual coverage and $4,000 incentive for family coverage, payable no later than the last pay date in June of the school year in which the election took place. This election shall be by written notice to the Superintendent or his/her designee during the open enrollment period of each school year. Any member who elects the buyout of the insurance will supply proof of alternate coverage. Re-entry into the health plan shall be permitted under the following conditions:
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Insurance Buyout. An eligible teacher may elect to forego medical insurance coverage noted herein and receive a $4,000 lump sum payment in lieu of said coverage, under the conditions noted below:
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Insurance Buyout. 1. Full-time, full-year teachers electing not to take insurance coverage, will receive a buy out that will be $2,500. If more than 12 people participate in the buyout, the $2,500 base will be increased by $100 for each participant. For example, if 13 elect to take the buyout, the buyout will become $2,600, 14 participants-buyout becomes $2,700, etc.
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Insurance Buyout. A. Effective July 1, 2015 professionals that are eligible for Health Insurance (except leave of absence replacements that are less than a full school year) who submit satisfactory proof of alternate health insurance coverage, shall have the option of withdrawing from the District’s health insurance plan. Such professional shall execute any District documents required to effect such withdrawal.
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Insurance Buyout. On or before April 1st of each school year existing unit members who desire to opt out of health insurance coverage in the following fiscal year shall inform the Business Administrator in writing of their decision on a form provided by the District. The health insurance coverage would then be discontinued effective July 1st. The Business Administrator shall notify the RCSTA Unit President in writing by April 15th each year as to whether the District will be offering the buyout for teachers opting out of health insurance for the following school year. Whether the District shall offer the health insurance buyout referenced herein will be based upon whether the number of buyouts meets the threshold set forth below. Effective July 1, 2015, the health insurance buyout paid to employees shall be $3,000 for participants who opt out of District provided health insurance. In order for unit members to be eligible to receive the health insurance buyout reimbursement listed above, there must be the equivalent of a total of 67 teachers receiving a family plan that opt out of District provided health insurance in the year in which the buyout reimbursement is to be paid. (53 current teachers as of the 14/15 school year who are not receiving District provided health insurance plus an additional 14 teacher buyouts ($209,185.17 in savings). If in any school year, the equivalent of less than 67 teachers opt out of District provided family health insurance coverage, the buyout reimbursement set forth herein shall not be paid to the teachers opting out of health insurance. The health insurance buyout reimbursement shall not be added to the teacher’s base pay. In return for opting out health insurance the unit member shall receive a payment of 50% of the full corresponding buyout amount on or before January 30th by the District. The second payment shall be made on or before June 15th by the District. Employees hired after June 1st must notify to Business Administrator of their decision regarding the health insurance option within thirty (30) calendar days of their appointment. For those employees who decide to opt out of the health insurance coverage payment will be calculated on a monthly pro-rata basis. To be entitled to the payment referenced above, the unit member must produce proof of health insurance coverage from another source at the time of application. Re-entry for those unit members participating in the voluntary buy-out shall be governed by the rules of the health i...
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Related to Insurance Buyout

  • Insurance Term The Consultant shall procure and maintain for the duration of this Agreement, insurance against claims for injuries to persons or damage to property which may arise from or in connection with the performance of the work hereunder by the Consultant, its agents, representatives, or employees.

  • Insurance Program An eligible employee may waive rights to participate in either single or family coverage. If an employee waives this benefit, such employee may not revoke the waiver until the next open enrollment period and may be accepted only after medical review by the insurance provider.

  • Fire Insurance The LESSEE shall not permit any use of the leased premises which will make voidable any insurance on the property of which the leased premises are a part, or on the contents of said property or which shall be contrary to any law or regulation from time to time established by the New England Fire Insurance Rating Association, or any similar body succeeding to its powers. The LESSEE shall on demand reimburse the LESSOR, and all other tenants, all extra insurance premiums caused by the LESSEE's use of the premises.

  • Long Term Care Insurance The University offers full-time faculty the opportunity to purchase Long-Term Care Insurance through a voluntary Long-Term Care Insurance policy. Faculty members are responsible for 100% of the premium, which may be remitted through payroll deduction.

  • Insurance The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged, including, but not limited to, directors and officers insurance coverage. Neither the Company nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business without a significant increase in cost.

  • Insurance Reimbursement If you have health insurance, your behavioral health treatments may be covered in whole or in part. The BHCTC will assist you in determining your insurance coverage and will help you fill out any forms needed. Many managed care plans often require an authorization before treatment can begin. You may be required to contact your insurance company to obtain this authorization and/or receive it from your primary care physician. Many managed care plans limit counseling and therapy services to short-term treatment designed to work out specific problems that prevent people from living and working as they normally do. As this is the BHCTC’s model of treatment, this often works out well. Where necessary, we may request more sessions from the managed care plan. In order to do so, we are typically required to complete the insurance company’s forms which may include providing your diagnosis, the reasons you have sought treatment from the BHCTC, the symptoms you are suffering, and how long we believe treatment will or should continue. The information provided will become part of the insurance company’s files. Insurance companies are obligated to keep this information confidential; however, please note that the BHCTC has no control over the handling of this information by the insurance company. If you receive treatment from one of our NJ Licensed Psychologists, your insurance company may request that you authorize the psychologist to disclose certain confidential information in order to obtain insurance coverage benefits for these services. This disclosure can occur only if it is pursuant to a valid authorization and the information is limited to: 1) administrative information (name, age, sex, fees, dates, nature of sessions, etc.); 2) diagnostic information; 3) the status of the patient (voluntary/involuntary; inpatient/outpatient); 4) the reason for continuing psychological services (limited to an assessment of the current level of functioning and the level of distress both rated as mild, moderate, severe or extreme); and 5) a prognosis, limited to the estimated minimal length of treatment. If the Insurance Company has reasonable cause to believe that the psychological treatment in question may not be usual, customary or is unreasonable, it may request an independent review of such treatment by an independent review committee. While a lot can be accomplished in short-term therapy, some people feel they need more services after their insurance benefits end. If this is the case with you, we will discuss what our fees are and the best way for you to arrange payment in order to receive continued treatment. If your insurance company does not allow us to see you after your benefits end, we will be happy to assist you in finding another therapist who will work well with you. It is also important to remember that you always have the right to pay for your treatment yourself to avoid any insurance issues discussed above.

  • Insurance Plan 19.01 The Employer agrees to contribute the indicated percentage of the premium cost of the following group plans for full-time employees (and their families where applicable) who have completed their probationary period.

  • Insurance Programs 1. The District agrees to provide a program of life, medical and dental insurance benefits for teachers. The District shall offer each employee a choice between the following two (2) programs of medical and health care:

  • Insurance Plans The Executive is eligible to participate in the life, health, dental, short and long-term disability plans made available to the employees of the Company pursuant to the terms and conditions of such plans.

  • Insurance & Bonding The Subrecipient shall carry sufficient insurance coverage to protect contract assets from loss due to theft, fraud and/ or undue physical damage, and as a minimum shall purchase a blanket fidelity bond covering all employees in amount equal to cash advances from the Grantee. The Subrecipient shall comply with the bonding and insurance requirements of 2 CFR Part 200.304 and 200.310.

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