Common use of Prescription Insurance Clause in Contracts

Prescription Insurance. An Employee retiring between January 1, 1978 and December 31, 2003 is entitled to continue in the Township’s Prescription Plan as well as the eligible immediate dependents at time of retirement at Retiree’s expense. The Township reserves the right to xxxx for an additional reimbursement in the succeeding year of up to twenty-five percent (25%) of premium whenever the total claims of the prior year exceed the annual premium of prior year by up to twenty-five percent (25%). For example: Annual premium for year X is $100.00; total claims for year X are $119.00; and annual premium for year Y is $125.00. Retiree in year Y would be billed $125.00 for current year plus $19.00 ($119.00 divided by 100 = 119% x 100.00 = $119.00 - $100.00 = $19.00) for year X’s utilization in excess of premiums.

Prescription Insurance. An Employee retiring between on or after January 1, 1978 and December 31, 2003 2004 is entitled to continue in the Township’s Prescription Plan as well as the eligible immediate dependents at time of retirement at Retiree’s expense. The Township reserves the right to xxxx for an additional reimbursement in the succeeding year of up to twenty-five percent (25%) of premium whenever the total claims of the prior year exceed the annual premium of prior year by up to twenty-five percent (25%). For example: Annual premium for year X is $100.00; total claims for year X are $119.00; and annual premium for year Y is $125.00. Retiree in year Y would be billed $125.00 for current year plus $19.00 ($119.00 divided by 100 = 119% x 100.00 = $119.00 - $100.00 = $19.00) for year X’s utilization in excess of premiums.

Prescription Insurance. An Employee retiring between on or after January 1, 1978 and December 31, 2003 2004 is entitled to continue in the Township’s Prescription Plan as well as the eligible immediate dependents at time of retirement at Retiree’s expense. The Township reserves the right to xxxx bill for an additional reimbursement in the succeeding year of up to twenty-five percent (25%) of premium whenever the total claims of the prior year exceed the annual premium of prior year by up to twenty-five percent (25%). For example: Annual premium for year X is $100.00; total claims for year X are $119.00; and annual premium for year Y is $125.00. Retiree in year Y would be billed $125.00 for current year plus $19.00 ($119.00 divided by 100 = 119% x 100.00 = $119.00 - $100.00 = $19.00) for year X’s utilization in excess of premiums.

Prescription Insurance. An Employee retiring between January 1, 1978 and December 31, 2003 is entitled to continue in the Township’s Prescription Plan as well as the eligible immediate dependents at time of retirement at Retiree’s expense. The Township reserves the right to xxxx bill for an additional reimbursement in the succeeding year of up to twenty-five percent (25%) of premium whenever the total claims of the prior year exceed the annual premium of prior year by up to twenty-five percent (25%). For example: Annual premium for year X is $100.00; total claims for year X are $119.00; and annual premium for year Y is $125.00. Retiree in year Y would be billed $125.00 for current year plus $19.00 ($119.00 divided by 100 = 119% x 100.00 = $119.00 - $100.00 = $19.00) for year X’s utilization in excess of premiums.