Buyer's Medical Plan definition
Examples of Buyer's Medical Plan in a sentence
The Buyer's Medical Plan shall take into account expenses incurred by a Transferred Employee under Sellers' Healthcare Plans on or after the first day of the plan year in which the Closing Date occurs, and up to the date that the Transferred Employee enrolls in Buyer's Medical Plan, for purposes of determining deductibles and out-of-pocket limits under Buyer's Medical Plan for Transferred Employees in the plan years in which such enrollment occurs.
Buyer shall retain the right to amend or terminate Buyer's Medical Plan as it pertains to Transferred Employees.
The Buyer's Medical Plan shall comply with all applicable laws and regulations, including with respect to preexisting conditions of any Transferred Employees.
With respect to the Ameritech Medical Benefits Plan ("Buyer's Medical Plan") that on or after the Closing Date covers Transferred Employees, employment with the Companies prior to the Closing Date shall be considered as employment with Buyer solely for the purposes of the initial participation waiting period and the preexisting condition limitation period.
For such individuals who elect to enroll in Buyer's Medical Plan, Buyer and Buyer's Medical Plan shall be responsible for all the medical, dental and prescription drug expenses incurred by such individuals and their eligible dependents on and after the date of enrollment.
At the Closing Date or as soon as reasonably practicable following the establishment of Buyer's Medical Plan, but in no event later than December 31, 2006, Buyer shall allow all such Transferred Employees and their eligible dependents to enroll, without any waiting period, in Buyer's Medical Plan.
With respect to such individuals, Buyer shall use commercially reasonable efforts to waive any restrictions and limitations for pre-existing conditions except to the extent such individuals were subject to such restrictions and limitations under Sellers' Healthcare Plans as of the day prior to the date of enrollment in Buyer's Medical Plan.
In accordance with the Transition Services Agreement, Buyer shall be responsible for all the medical, dental and prescription drug expenses actually incurred by Sellers with respect to Transferred Employees and their dependents under the Sellers' Healthcare Plans after the Closing Date and prior to enrollment in the Buyer's Medical Plan including such other costs as set forth in Section 8.1(b)(iii) of this Agreement.
Buyer shall also provide Transferred Business Employees with credit under Buyer's Medical Plan and Dental Plan for deductible and co-payment amounts made by Transferred Business Employees under Seller's Medical and Dental Plans prior to the Closing Date in the plan years in which the Closing Date occurs.
Effective as of the Closing, claims incurred for covered medical services rendered or otherwise arising prior to the Closing for the Store Employees under Seller's Medical Plan (the "Seller's Medical Plan") will be the sole responsibility of Seller, and any covered claims incurred for medical services rendered or otherwise arising on or after the Closing under Buyer's Medical Plan on behalf of any Transferred Employees will be the sole responsibility of Buyer.