Medical Insurance Buy Out. A member who chooses not to participate in the Medical Insurance plan shall receive a $500 stipend per year. This payment shall be included in the last paycheck of the school year.
Medical Insurance Buy Out. Each year that an employee elects not to be insured by the plan offered herein by the District and provides documentation that he/she has obtained alternate insurance through another employer sponsored plan, he/she shall receive an annual bonus in the amount of $250.
Medical Insurance Buy Out. Employees are not eligible to receive a cash buy-out in lieu of receiving medical insurance benefits. Effective January 1, 2014, a full-time employee who is eligible for medical insurance coverage made available through the Town who passes the annual physical fitness test will receive a bonus equal to ten percent of the annual medical insurance premium for two-person coverage. For example, if the annual medical insurance premium is $14,500, the employee will receive a bonus of $1450. Payment will be made in the second pay period in January (following the annual physical fitness test in December).
Medical Insurance Buy Out. If an eligible full time employee chooses not to participate in a Medical Insurance plan, she/he shall receive a $750 stipend per year. This payment shall be included in the last paycheck of the school year.
Medical Insurance Buy Out. Eligibility: A regular full-time employee who is eligible for medical insurance coverage made available through the Town may receive a cash buy-out in lieu of receiving medical insurance benefits. To be eligible for the medical insurance buy-out, the employee must provide documentation of comparable medical insurance coverage in a manner and form to be determined by the Town and sign an appropriate waiver of medical insurance coverage and waiver of liability to the Town. In the event an employee is married to another employee of the Town who is eligible for medical insurance, they must enroll in the same plan (two-person or family) and will not be eligible for this buy-out. Payment of Buy-Out: The employee will receive thirty percent of the Town’s annual premium contribution for the coverage the employee is eligible for (individual, two-person, or family). The buy-out is subject to applicable taxes. Partial payment of the buy-out will be made in the employee’s regular biweekly paycheck for each pay-period the employee is eligible for the buy-out. Reinstatement: In the event the employee loses coverage under the alternate insurance plan, the employee may resume coverage under one of the medical insurance plans made available through the Town. Coverage will begin on the first of the month immediately following the employee giving notice, provided the employee gives such notice at least five business days prior to the first of the month and meets all eligibility requirements of the insurance plan.
Medical Insurance Buy Out. 6.2.1 Any employee declining health coverage shall be eligible to receive an annual reimbursement from the Town in the amount of twenty-five percent (25%) of the monthly premium for individual, two- person or family coverage, as the case may be, under the MVP Plan, or its successor, for individual, two- person, or family coverage, as applicable.
6.2.2 To be eligible for the medical insurance buy-out, the employee must provide documentation of comparable medical insurance coverage in a manner and form to be determined by the Town and sign an appropriate waiver of medical insurance coverage and waiver of liability to the Town. In the event an employee is married to another employee of the Town who is eligible for medical insurance, they must either enroll in two individual plans or one two-person or family plan, as the case may be, and will not be eligible for this buy-out.
6.2.3 Partial payment of the buy-out will be made in the employee’s regular paycheck for each pay- period the employee is eligible for the buy-out. The buy-out is subject to applicable taxes.
Medical Insurance Buy Out. Any CASA member who declines the District family medical insurance plan and produces proof of medical insurance through another insurance carrier will be entitled to a buyout of $4,000 annually. Any CASA member, who opts for an individual plan, rather than a family plan, will be entitled to an annual buyout of $2,100. This provision will remain in effect for the life of the contract.
Medical Insurance Buy Out. The employee may choose to participate in the medical insurance buy-out program and in lieu of medical insurance receive quarterly payments equaling
i. $3250 a year for family plan eligibility ii. $3,050 a year for a 2-person plan eligibility
Medical Insurance Buy Out
