Medical Insurance Option Sample Clauses
The Medical Insurance Option clause provides parties with the ability to elect medical insurance coverage as part of their agreement. Typically, this clause outlines the terms under which one party, such as an employer or service provider, offers medical insurance to another party, specifying eligibility, coverage levels, and any associated costs or contributions. By including this option, the clause ensures that parties have a clear mechanism for accessing or providing health benefits, thereby addressing the need for healthcare coverage and reducing uncertainty regarding medical expenses.
Medical Insurance Option. Those certified members who elect not to take the health insurance plan will be eligible to receive a flexible spending account (FSA) of $500 provided the employee is enrolled in a qualified group health plan that meets the minimum essential value. Proof of such coverage will be required.
Medical Insurance Option. The Employer shall provide employees the option of purchasing medical insurance as determined by CMC at their own expense through payroll deduction. Employees may pay premiums only through payroll deduction with either after tax dollars or with pretax dollars through an IRS Section 125 Premium Contribution Plan.
Medical Insurance Option. 1. Any full-time employee who has completed three months of service (waiting period) in the School shall have the option of not participating in the School's Health benefits package. Instead he/she may opt to receive from the school the following amounts which the school would have contributed on behalf of the employee under the health plan: Family $1900; Husband & Wife $1300; Parent & Child $1175; Single [a] The option must be exercised during the open enrollment period during which employees can make changes in their coverage to enroll, add or delete optional benefits or opt out of the plan. All changes are effective the following July 1. In exercising the option, the employee must state that he/she has current medical and major medical insurance elsewhere. [b] When waiving medical, major medical and hospitalization coverage, the employee shall agree to notify the principal within thirty [c] The health care package includes hospitalization, medical and major medical, dental, prescription drugs and life insurance. An employee may choose to opt out of all or some of the plans offered. However, the medical, major medical and hospitalization plan must be retained or waived in its entirety. [d] All amounts to be paid directly to the employee who exercises this option should be paid in two installments which will be distributed February 1st (September through January) and June 1st (February through August). Appropriate federal and state tax deductions will be deducted. [e] Dental and life insurance plans may not be rejoined for the life of the contract. [f] An employee who has rejoined the plan may not choose to opt out again during the contract year. [g] In cases where both spouses are employees of the Diocese or an entity affiliated with the Diocese, neither will be permitted to participate in the opt out program and the Birthday Rule will apply.
Medical Insurance Option. Any full-time employee who has completed three months of service (waiting period) in the School shall have the option of not participating in the School's Health benefits package. Instead he/she may opt to receive from the school the following amounts which the school would have contributed on behalf of the employee under the health plan: Family $1800; Husband & Wife $1200; Parent & Child $1075; Single $600
1. The option must be exercised during the thirty
Medical Insurance Option. Those teachers who elect not to take the health insurance plan will be eligible to receive a reimbursement of up to $500 of unreimbursed medical expenses provided the employee is enrolled in a qualified group health plan that meets the minimum essential value. Proof of such coverage will be required. The reimbursement can be used for copays, deductible, coinsurance, vision, or dental expenses for the employee only. Any unused portion will not carry over into the next plan year. . This amount is not TRS creditable nor taxable under IRS Code Section 105.