Benefit Package Option definition

Benefit Package Option means a qualified benefit under Code § 125(f) that is offered under a cafeteria plan, or an option for coverage under an underlying accident or health plan (such as an indemnity option, an HMO option, or a PPO option under an accident or health plan).

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Benefit Package Option means a qualified benefit under Code section 125(f) that is offered under a cafeteria plan or an option for coverage under an underlying accident or health plan.

Benefit Package Option means a qualified benefit under Code §125(f) that is offered under a cafeteria plan, or an option for coverage under an underlying accident or health plan (such as an indemnity option, an HMO option, or a PPO option under an accident or health plan). Benefits prohibited under Code §125(f) (such as long-term care insurance and certain Exchange-participating qualified health plans) are not permitted Benefit Package Options.

Examples of Benefit Package Option in a sentence

• For purposes of this Plan, a “loss of coverage” means a complete loss of coverage under the Benefit Package Option or other coverage option.

• If a Participant (or the Participant’s spouse or dependent) has a significant curtailment that is a loss of coverage, the Plan shall permit that Participant to revoke his or her election under the Plan and, in lieu thereof, to elect either to receive on a prospective basis coverage under another Benefit Package Option providing similar coverage, or to drop coverage if no similar Benefit Package Option is available.

• Notwithstanding paragraph 2.a. (regarding automatic changes), if the cost charged to a Participant for a Benefit Package Option significantly increases or significantly decreases during a Plan Year, the Administrator may offer the Participant an opportunity to make a corresponding change in his or her Benefit election under the Plan.

• Changes that may be made include commencing participation in the Plan for the Benefit Package Option with a decrease in cost or, in the case of an increase in cost, revoking an election for that coverage and, in lieu thereof, either receiving on a prospective basis coverage under another Benefit Package Option providing similar coverage or dropping coverage if no other Benefit Package Option providing similar coverage is available.

• Participants who elect to participate in a Benefit Package Option which requires a Participant to pay a portion of its premium but who do not wish to participate in this Plan and pay the Participant cost of coverage on a pre-tax basis must complete and return a waiver to the Employer.

More Definitions of Benefit Package Option

Benefit Package Option means a qualified Benefit under Section 125(f) of the Code that is offer under the Plan, or an option for coverage under an underlying accident or health plan.

Benefit Package Option means the various insurance coverages that your Employer offers you that can be paid for with pre-tax dollars under this Plan.

Benefit Package Option means each specific benefit paid for under the Plan as the result of a Participant’s election (e.g., as to Insurance Coverage, a health maintenance organization, indemnity, or preferred provider organization, or as to Dependent Care Expenses, the specific dependent care program or provider selected by the Participant).

Benefit Package Option means a Qualified Benefit offered under the ARCap Program.

Benefit Package Option means a qualified benefit under Code § 125(f) that is offered through this Plan (such as the Premium Payment Benefits, the Health FSA, and DCAP), or an option for coverage for which pre-tax Salary Reductions may be used (i.e., the Welfare Benefits).

Benefit Package Option means a qualified benefit under Code §125(f) that is offered under a cafeteria plan, or an option for coverage under the Health Benefits Plan.

Benefit Package Option means each specific benefit paid for under the Plan as the result of a Participant’s election.