Common use of Individual Plan Clause in Contracts

Individual Plan. 1 All Examples, to the extent applicable, are hereby amended to conform with the minimum and maximum amounts listed above in this Agreement. (1) Employees participating in the HSA individual plan will have an annual deductible of $2000. Coverage under the HDHP will run from January 1 through, and including December 31 each year. The Committee will make an initial maximum contribution in the amount set forth below which will be deposited into the employee’s HSA by the Committee and available by the first day of the Plan Year. Employee contributions may be made in lump sum payment or payments or on a bi-weekly basis on a pre-tax basis as permitted by law and at the employee’s election. (2) In any subsequent years that the employee maintains the HSA, the Committee will make an annual contribution of 50% (up to a maximum amount set forth below) of the amount needed to bring the employees deductible back to $2000 or make a minimum contribution as set forth below, whichever is more. Amounts deposited by the employee in excess of $1000 up to the amount permitted by law shall not be used in calculating the employer’s contribution. See above examples for explanation. (3) Once the Committee’s contribution is exhausted, the employee shall be responsible for the remainder of the deductible before the Committee assumes any and all additional healthcare costs incurred consistent with the High Deductible Plan. This shall include, but is not limited to, office visits, emergency room fees, prescription deductibles, etc. Once the $2000 deductible is met, the Committee shall provide full coverage. Employer’s annual contributions to the Health Savings Account (individual coverage)*: minimum/maximum 2014-2015 $500/$1000 2015-2016 $375/$750 2016-2017 $375/$750