Common use of Opt-Out Option Clause in Contracts

Opt-Out Option. Any employee who can show proof of minimum essential insurance coverage from any other source for themselves and any eligible tax dependents may opt out of the City insurance plan. For those employees who choose this option the City will compensate them $3100.00 annually. These employees may return to the City Insurance plan through qualifying events or through open enrollment each year. Payment will be made at the end of each calendar year. If an employee leaves employment prior to the end of the calendar year they shall receive a payment for the prorated portion of this payment. If the allowable opt out formula amount is adjusted by the Health Insurance provider the payment shall be adjusted to reflect the maximum allowable amount.

Opt-Out Option. Any employee who can show proof of minimum essential insurance coverage from any other source for themselves and any eligible tax dependents may opt out of the City insurance plan. For those employees who choose this option the City will compensate them $3100.00 3,100.00 annually. These employees may return to the City Insurance plan through qualifying events or through open enrollment each year. Payment will be made at the end of each calendar year. If an employee leaves employment prior to the end of the calendar year they shall receive a payment for the prorated portion of this payment. If the allowable opt out formula amount is adjusted by the Health Insurance provider the payment shall be adjusted adjust to reflect the maximum allowable amount.