Premium Reward definition
Examples of Premium Reward in a sentence
BCBSRI reserves the right to modify or terminate the BCBSRI Wellness Program and/or the Wellness Premium Reward Program by providing GROUP no less than ninety (90) days’ prior written notice of its modification or termination.
In addition, the Premium Reward Percentage values may be changed by BCBSRI with prior written notice to the GROUP at the beginning of any Rating Period.
The premium reward amount is the Premium Reward Percentage multiplied by the total medical premium paid by GROUP to BCBSRI in the Rating Period.
The fee for the Wellness Premium Reward Program shall be included in the BCBSRI Wellness Program fee as set forth in Section III.
If GROUP has selected the Wellness Premium Reward Program as part of its BCBSRI Wellness Program, GROUP may qualify for a premium reward at the end of the Rating Period based on its employees’ participation in the BCBSRI Wellness Program.
In addition, the Participating Employee Quarterly Accumulated Points and Quarterly Premium Reward Amount value(s) may be changed by BCBSRI with prior written notice to the GROUP at the beginning of any Rating Period.
Within 90 days of the end of the Rating Period, BCBSRI will determine if GROUP has earned a premium reward based on the number of points its Participating Employees have accumulated in each of the four (4) quarters of the Rating Period for which the Wellness Premium Reward Program has been purchased.
BCBSRI uses the percentage of the GROUP’s Participating Employees w h o e a r n t h e m a x i m u m r e w a r d , a s d e f i n e d i n t h e p r o g r a m , during the Rating Period to determine the Premium Reward Percentage, as provided in the table below: 20-39% 1% 40-59% 2% 60-79% 4% 80-100% 8% The premium reward amount is the Premium Reward Percentage multiplied by the total medical premium paid by GROUP to BCBSRI in the Rating Period.
In addition, the Participating Employee Accumulated Points and Premium Reward Amount value(s) may be changed by BCBSRI with prior written notice to the GROUP at the beginning of any Rating Period.
Within ninety (90) days of the end of the applicable Rating Period, BCBSRI will determine if GROUP has earned a premium reward based on the number of points its Participating Employees have accumulated in the Rating Period for which the Wellness Premium Reward Program has been purchased.