Opt-out Provision / Cash in lieu. Employees who provide satisfactory proof to the Employer of other health insurance coverage may opt out of the medical coverage provided by the Employer once a year on a date to be determined by the Employer. Employees will be notified of the date to opt out. Employees who waive the Employer-provided medical coverage may not re-enroll in the Employer-provided medical coverage until an open enrollment period, except that an employee who submits satisfactory proof that her/his coverage through another source has been terminated may be permitted to re-enroll. Employees who opt out will receive, in equal installments, in their regular pay, a sum equal to 25% of the applicable COBRA amount for the PPO option (subsection 15.1.1).
Opt-out Provision / Cash in lieu. Employees who provide satisfactory proof to the Employer of other health insurance coverage may opt out of the medical coverage provided by the Employer once a year during open enrollment. In addition, employees will have the ability to opt out if they experience a qualified status change as permitted under IRS guidelines. Employees who waive the Employer provided medical coverage may not re- enroll in the Employer provided medical coverage until an open enrollment period, except that an employee who submits satisfactory proof that her/his coverage through another source has been terminated may be permitted to re-enroll. In addition, employees will have the ability to re-enroll if they experience a qualified status change as permitted under IRS guidelines. Employees who opt out will receive, in equal installments, in their regular pay, a sum equal to 25% of the applicable statutory hard cap limit.
