Shared Premiums. The employer will pay the full premium up to the statutory hard cap. Any amounts above the hard cap will be paid by the employee through payroll deductions which may be made pre-tax by designating the funds through the Employer’s section 125 Cafeteria Plan.
Shared Premiums. The employer will pay the full premium up to the statutory hard cap. Any amounts above the hard cap will be paid by the employee through payroll deductions which may be made pre-tax by designating the funds through the Employer’s Section 125 Cafeteria Plan. Payroll deductions for 11 month employees will be deducted in twenty-four (24) equal bi-weekly amounts beginning in August and ending in June of each fiscal year. Employees who provide satisfactory proof to the Employer of other health insurance coverage may opt out of the medical coverage provided by the Employer 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.
Shared Premiums. For either medical plan option, employees will contribute a percentage of their gross annual salary towards the cost of their health care at the rate of 0.75% single, 1.00% 2-person, or 1.25% full-family. This contribution will be made through payroll deduction spread equally over the pay periods for each fiscal year. This contribution can be paid pre-tax by designating the funds through the Employer’s section 125 Cafeteria Plan.
