COVERAGE/PREMIUM SHARE Effective Sample Clauses
The "COVERAGE/PREMIUM SHARE Effective" clause defines how insurance coverage is allocated and how premium payments are shared between parties, as of a specified effective date. In practice, this clause outlines the percentage or portion of the insurance premium each party is responsible for, and clarifies when this sharing arrangement begins. For example, in a joint insurance policy, it may specify that each party pays a set share of the premium from the policy's start date. The core function of this clause is to ensure transparency and prevent disputes by clearly establishing each party's financial obligations regarding insurance coverage and premium payments from the outset.
COVERAGE/PREMIUM SHARE Effective. January 1, 2021 the Employer will provide health and welfare benefits which include medical, dental, and vision insurance, a flexible spending account, an ORCA pass and an employee assistance program. Employees who are scheduled 30 or more hours per week are eligible for the flexible spending account, medical, dental and vision benefits on the first day of the month following their date of hire. Eligible employee participants agree to pay a portion of the premium for medical coverage, based on annual income levels. The pay period amount will be automatically deducted from paychecks issued on each payroll date. Level 1 – below $29,999 = Three percent (3%) of the monthly premium Level 2 – below $44,999 = Five percent (5%) of the monthly premium Level 3 – below $59,999 = Seven percent (7%) of the monthly premium Level 4 – below $74,999 = Ten percent (10%) of the monthly premium Level 5 – above $75,000 = Twelve percent (12%) of the monthly premium Employees will be covered under the ▇▇▇▇▇▇ Permanente In-Network plan. The Employer will cover the Employee Only premium for the ▇▇▇▇▇▇ Permanente In-Network Plan minus the cost share amount noted above. Employees will have the option to add a spouse or dependents or a registered domestic partner and/or to elect to buy up to receive the Access PPO plan. In addition to the cost share amount above, the Employee will pay the difference in the monthly premium between the Access PPO plan and the KP In-Network plan. This amount will be pre- tax. The Employer will cover the full cost of Employee Only dental coverage with Delta Dental. If the employee elects to add a spouse and/or dependent, or a registered domestic partner or select dental coverage other than Delta Dental, the employee will pay any additional monthly premium expense. No changes may be made to the plans without notification to the Union.