Similar Coverage definition

Similar Coverage means coverage for the same category of benefits for the same individuals (e.g. family to family or single to single). For example, two plans that provide coverage for major medical care are considered Similar Coverage. Similar Coverage may be offered by a qualified plan of the Participant’s Spouse’s or other Dependent’s employer. The Administrator, in its sole discretion, will determine whether coverage is “similar” based on all the facts and circumstances.
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Similar Coverage means coverage for the same category of benefits for the same individuals. Plans offering comprehensive medical insurance coverage (e.g., HMO, POS, PPO) are considered similar coverage, but a Health Care FSA is not similar coverage to any health plan that is not a Health Care FSA and family coverage is not similar to employee-only.
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Similar Coverage means coverage under the same type of Benefit Option for the same individuals.
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Examples of Similar Coverage in a sentence

  • If no Similar Coverage is offered, the affected Participants may drop coverage.

  • If a Participant has a significant curtailment under a Benefit Option that is a loss of coverage, the Plan Administrator, in its sole discretion, may permit the affected Participant to revoke his or her election of such Benefit Option and to elect Similar Coverage on a prospective basis or to drop coverage if no Benefit Option providing Similar Coverage is available.

  • Permit all Participants, including those who had not previously elected coverage under a Benefit Option providing Similar Coverage, to revoke their elections for the balance of the Plan Year and to elect to receive coverage under the new or significantly improved Benefit Option on a prospective basis.

  • If a Participant, the Participant’s Spouse, or the Participant’s other Dependent has a Significant Curtailment of Coverage (as defined below) under a Qualified Benefit, which is not a Loss of Coverage, then that Participant may revoke their election for that coverage and, in lieu thereof, receive coverage under another Qualified Benefit providing Similar Coverage.

  • Permit Participants who elected coverage under a Benefit Option providing Similar Coverage to revoke their elections for the balance of the Plan Year and to elect to receive coverage under the Benefit Option with the decrease in cost on a prospective basis.


More Definitions of Similar Coverage

Similar Coverage means two or more health benefit plans
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Similar Coverage means coverage for the same category of benefits for the same individuals (e.g., family to family or single to single). Plans offering medical insurance coverage (e.g., HMO, PPO) are considered similar coverage, but a Health Care FSA is not similar coverage to any health plan that is not a Health Care FSA. The Plan may treat coverage by another employer, such as a Spouse’s or Dependent’s employer, as similar coverage.
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Similar Coverage means coverage underfor the same typecategory of Benefit Optionbenefits for the same individuals.
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Similar Coverage means coverage for the same category of benefits for the same individuals (e.g., family to family or single to single). For example, two plans that provide major medical coverage provide Similar Coverage. A health flexible spending arrangement is not Similar Coverage with respect to an accident or health plan that is not a health flexible spending arrangement. Coverage provided by another employer, such as a spouse’s or Dependent’s employer, may be treated as providing Similar Coverage if it satisfies the requirements of this section. ELIGIBILITY
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Similar Coverage means coverage for health, dental and vision care expenses at substantially the same level as was in effect on November 17, 2005, as it applied to the Executive and his Spouse, to the extent Similar Coverage is commercially available for purchase, including: the types of covered expenses; the amount of the deductible payable by the Executive or his Spouses; the amounts of the co-pays payable by the Executive or his Spouse; and the percentage of the premium or cost to the Bank of the coverage, which shall be 17% the responsibility of the Executive or his Spouse.
Sample 1
Similar Coverage means coverage for the same category of benefits for the same individuals (e.g., family to family or single to single). For example, two benefits that provide coverage for major medical are considered to be Similar Coverage. A health care flexible spending account is not Similar Coverage to an accident or health plan that is not a health care flexible spending account. Coverage by another employer, such as a Spouse’s or Dependent’s employer, may be treated as Similar Coverage.
Sample 1
Similar Coverage means two or more health benefit plans whose differences in plan or benefit structure cause no major differences in the rate schedules associated with the benefit plans. Carriers may define two or more coverage plans as being dissimilar and separate coverage if the structure of the benefits, payment methods, or other aspect of the coverage plans results in actuarial rate differences of more than fifteen percent, as filed by the carrier with the commissioner. A fully insured association plan in existence on July 1, 1992, and meeting the requirements of this chapter as of July 1, 1993, may be considered dissimilar and separate coverage.
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