Common use of Waiver of insurance coverage Clause in Contracts

Waiver of insurance coverage. In accordance with the Board’s insurance plan, regular employees who are receiving full single or family group health coverage and who agree to waive in writing on or before November 15th the right to hospitalization insurance will receive a lump sum payment of Seven Hundred Dollars ($700.00) for waived single coverage and One Thousand ($1000.00) for waived family coverage. Payment for this will be made on the first pay period following completion of the benefit year. An employee may rescind this waiver during the calendar year if the employee has a change in family status that would permit such rescission under the applicable rules of Section 125 of the Internal Revenue Code and its regulation. Upon such rescission, coverage of the employee and the employee’s dependents under the medical plan of the Board shall be determined solely in accordance with the terms and limitations of the medical plan. Any prior separated periods of coverage under the plan will be applied in total towards this Plan’s pre-existing conditions limitations. An employee who rescinds the waiver will receive no payment for the period of time in which the waiver was in effect. For employees newly hired to the district after June 30, 2012, the following shall apply. If two employees are married to each other, they shall be entitled to only one family plan if they have a dependent child or two single plans if there are no dependent children and neither employee is eligible for the waiver of insurance coverage.