Health Benefit Fund Opt-Out Sample Clauses

Health Benefit Fund Opt-Out. Employees who are covered by another health insurance plan may voluntarily opt out of coverage under the Fund upon appropriate evidence of insurance coverage and notice to the Fund and Employer. The Employer shall compensate such Employees with a lump sum payment of one thousand five hundred $1,500 for each twelve (12) month period. Such payment shall be made within thirty (30) days of the Employer receiving the notice. Should an Employee who has voluntarily opted out of the Fund cease to be covered for any reason by the other health insurance plan, the coverage of the Employee by the Fund will immediately commence upon notification by the Employee to the Fund and to the Employer. Upon commencement of coverage by the Fund the Employee will be obligated to reimburse the Employer with respect to the one thousand five hundred $1,500 payment on a pro-rata basis.
Sample 1
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Related to Health Benefit Fund Opt-Out

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