Insurance Rebate. 12.8.1 Eligible teachers who choose to forego their right to coverage shall receive an "opt out” benefit in the amount of twelve (12%) percent of the annual premium cost for the most expensive Consortium PPO alternative for which the eligible teacher was eligible to be paid during the month of September if the coverage is not used during the entire preceding year. Eligible teachers who forego their right to coverage but are receiving health insurance coverage from the Consortium as part of family coverage are not eligible for any "opt out" benefit. 12.8.2 Eligible teachers who choose to forego dental or vision coverage for a full year of a contract year shall receive a rebate for the benefit in the amount of twelve (12%) percent of the Board's annual premium cost of that insurance benefit waived. 12.8.3 Eligible teachers must inform the Board Treasurer by August 10th of each contract year as to the insurance option they are selecting for rebate, if any. 12.8.4 If an eligible teacher is hired at any time after August 10th, the eligible teacher shall be afforded insurance rebates on a pro-rated basis. 12.8.5 Eligible teachers shall have the right to enter any insurance options for which they are eligible during the year, but shall forfeit the right to rebate payment for that year.
Appears in 6 contracts
Samples: Master Agreement, Master Agreement, Master Agreement
