Common use of Opt-Out Option Clause in Contracts

Opt-Out Option. Any Benefit Eligible Employee who can show proof of insurance coverage from another source may opt out of the Employer’s insurance plan. For those Employees who choose this option, the Employer will the Employee $3,100.00 annually. For part-time Benefit Eligible Employees entitled to pro-rated health insurance benefits, the Employer will compensate them a pro-rated amount of the $3,100.00. An employee may return to the Employer’s insurance plan through qualifying events or through open enrollment each year. If the allowable opt out formula amount is adjusted by the health insurance provider, then the opt-out payment shall be adjusted to reflect the maximum allowable amount.

Opt-Out Option. Any Benefit Eligible Employee who can show proof of minimum essential insurance coverage from another source for themselves and any eligible tax dependents may opt out of the Employer’s insurance plan. For those Employees who choose this option, the Employer will compensate the Employee $3,100.00 annually. For part-time Benefit Eligible Employees entitled to pro-rated health insurance benefits, the Employer will compensate them a pro-rated amount of the $3,100.00. An employee may return to the Employer’s insurance plan through qualifying events or through open enrollment each year. If the allowable opt out formula amount is adjusted by the health insurance provider, then the opt-out payment shall be adjusted to reflect the maximum allowable amount.