Significant Cost Increases Clause Samples
Significant Cost Increases. If the Plan Administrator determines that the cost charged to an Employee for the health plan coverage significantly increases during a Period of Coverage, then the Participant may (a) make a corresponding prospective increase in his or her elective contributions (by increasing Salary Reductions); (b) revoke his or her election for that coverage, and in lieu thereof, receive on a prospective basis coverage under another Benefit Package Option that provides similar coverage (such as an HMO, but not the Health FSA); or (c) drop coverage prospectively if there is no other Benefit Package Option available that provides similar coverage. The Plan Administrator, in its sole discretion and on a uniform and consistent basis, will decide whether a cost increase is significant consistent with prevailing IRS guidance.
Significant Cost Increases. If the Plan Administrator determines that the cost charged to an employee for the benefit plan(s) or DCAP benefits significantly increases during the Plan Year, then the Participant may choose to do any of the following: (a) make a corresponding increase in his or her contributions; (b)revoke his or her election and receive coverage under another benefit package option (if any) that provides similar coverage, or elect similar coverage under the plan of a Spouse's employer, or (c) drop coverage (subject to the consequences, if any, under the employer's health benefits waiver policy), if there is no other benefit package option available that provides similar coverage. The Plan Administrator, in its sole discretion and on a uniform and consistent basis, will decide whether a cost increase is significant in accordance with prevailing IRS guidance.