Medical Plan Opt-Out Credit definition

Medical Plan Opt-Out Credit. An employee may waive medical coverage and receive a $350 opt-out credit. In order to be eligible for this credit, an employee must complete and return a medical coverage waiver form and be able to provide proof of “other medical coverage”. Failure to complete and return the form and/or to be able to provide proof of other medical coverage will result in the employee not receiving an opt-out credit and not having any Company-sponsored medical coverage. The opt-out credit is available in the form of either a bi- weekly cash payment (with applicable tax deductions) or a bi-weekly pre-tax 401(k) contribution (the default option if neither option is selected). The $350 credit will be pro-rated for employees who make benefits elections after the start of the year.
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Examples of Medical Plan Opt-Out Credit in a sentence

  • Medical Plan Opt-Out Credit: An employee may waive medical coverage and receive a$350 opt-out credit.

Related to Medical Plan Opt-Out Credit

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