Health Insurance Buyout Sample Clauses

Health Insurance Buyout. 14.2.1 On or before June 1st of each school year existing unit members and or retirees who desire to opt out of health insurance coverage shall inform in writing, on a form provided by the District, to the School Business Administrator of their decision. The health insurance coverage would then be discontinued effective July 1st. The health insurance buyout paid to employees or retirees shall be $4,000 for 1-24 participants; and $5,000 if there are 25 or more participants. The health insurance buyout paid to employees or retirees shall be $6,000 if there are 60 or more participants. On or before December 1st of each school year existing unit members and or retirees who desire to opt out of health insurance coverage shall inform in writing, on a form provided by the District, to the School Business Administrator of their decision. The health insurance coverage would then be discontinued effective January 1st. In return for opting out the unit member shall receive a payment of 50% of the full corresponding buyout amount to be paid on or before April 15th by the District. Employees hired after June 1st must notify the School Business Administrator of their decision regarding the health insurance option within thirty (30) calendar days of their appointment. For those employees who decide to opt out of the health insurance coverage payment will be calculated on a monthly pro-rata basis. To be entitled to the payment referenced above, the unit member must produce proof of health insurance coverage from another source at the time of application. Re-entry for those unit members or retirees participating in the voluntary buy-out shall be governed by the rules of the health insurance plan(s) provided for in this Agreement. Re- entry shall be conditioned upon such unit member repaying on a pro-rated basis 1/12th of buyout amount for each month remaining in the school year in question. 14.2.2 Employees shall participate in a mandatory buy-out of any District provided dual family coverage effective on the dates specified in Section 14.2.1 above. Employees required to participate in the mandatory health insurance buy-out and/or retired employees affected by same will be allowed re-entry to the District health insurance program subject to one of the following conditions: a. Upon the death of the spouse whose policy provided coverage, provided that written evidence of said death is presented to the District. b. Upon the divorce of the spouse whose policy provided the cove...

Health Insurance Buyout a. Effective January 1, 2015 professionals that are eligible for Health Insurance (except leave of absence replacements that are less that a full school year) who submit satisfactory proof of alternate health insurance coverage, shall have the option of withdrawing from the District’s health insurance plan. Such professional shall execute any District documents required to effect such withdrawal. b. Requests to opt out of the district’s health insurance plans must be processed by July 1. The district shall receive notification 30 days in advance of these dates. Professionals with the intent to opt out of the district’s health insurance program must indicate so using the appropriate District form. c. If professionals who are eligible for health insurance opt out according to this provision, the District shall pay to such professional, $2500 per year if covered by insurance other than that provided by the district and $500 per year if insurance is carried by another district employee. The employee must provide proof of alternate coverage. Payment will be made on June 30th. Payment will be prorated for the year should an employee resign from their position or if such election to opt out of the district’s health insurance program became effective after July 1st of a given school year. d. In the event a professional who has elected withdrawal leaves District employment or reenters the plan following a qualifying event before June 30th of any school year, the District will pay a pro-rata portion of the amount specified in letter D (c) of this section on June 30th. A qualifying event will be defined in the same way as it is for COBRA eligibility. e. A professional hired after the start of a school year and choosing to opt out of the District’s health insurance plans will receive a pro-rata portion of the amount specified in letter D (c) of this section on June 30th. f. During any open enrollment, a member who previously elected to participate in the health insurance buyout may opt in to the district’s insurance.

Health Insurance Buyout. 1. A full-time GELC member who is entitled to County health insurance benefits shall have the option of receiving compensation in lieu of the Employer’s health care benefits.

Health Insurance Buyout. The District shall pay each eligible employee, who elects not to participate in the Health Insurance Plan identified in this Article a fixed sum of money or prorated portion thereof, as follows: The buy-out for those who elect not to participate in the Health Insurance Plan shall be two thousand five hundred dollars ($2,500.00) for the life of the contract. An employee who elects this alternative instead of participating in the Health Insurance Plan shall inform the District in writing by the 15th day preceding the month they intend to participate. An employee who elects this alternative to the Health Insurance Plan shall receive the sum of money, or part thereof, on the last day of September, December, March, and June for those months in which they elected this alternative. An employee who later elects to participate in the Health Insurance Plan shall inform the District in writing by the 15th day preceding the month they intend to participate. Payment of the fixed sum of money, or prorated portion thereof, shall cease upon electing to participate in the Health Insurance Plan. The District reserves the right to restrict the number of times an employee elects to participate in the Health Insurance Plan or this alternative in any one (1) school year.

Health Insurance Buyout. 1. A full-time employee who is insured under another health insurance plan may elect to refuse participation in the Employer's health insurance plan. Such employee shall receive one-twelfth of 33-1/3 percent of the Employer’s savings (but not less than $100) for each month the employee is eligible but does not elect coverage. Payment shall be made the first pay period of the following month. 2. To be eligible for the health insurance “buy-out” the employee must document that the employee is covered under another health insurance plan. Thereafter, such employee must provide documentation on, or immediately before, December 1st of each year. 3. An employee may elect to resume coverage in the Employer’s health insurance plan on the first day of the following month provided the employee gives the Employer a minimum of five (5) business days’ notice. Reinstatement shall be subject to any terms, conditions and/or limitations pertaining to pre-existing medical conditions as set forth in the contracts issued by the carrier. 4. A retiree shall not be eligible for the health insurance "buy­ out”. 5. In the event a husband and wife are both employed by the County and one is receiving County provided health insurance benefits, the other spouse shall not be entitled to the buy-out option.

Health Insurance Buyout. A. An employee who has proof of health insurance coveJ"age from a Bom ce other than the District, who previously declined participation in t.he Di8trict"B health insurance plan, and who submitted all tlocuments noce8sary to effeGtuate such withdrawal or declination for the 2010- 2011 school year, shall be entitled to participate in a health insurance buyout wherein the District shall pay $2,500 to employees who were last enrolled in individual coverage and $8,500 to em1iloyees who wel'e last enrolled in two-person or family coverage. The buyout will be made in two equal payments made in January and in June. No buyout payment will be made for declination of dental or vision plans.

Health Insurance Buyout. If a retiree who is otherwise eligible for health insurance benefits elects not to participate in the School District’s health insurance benefit plan, then that retiree shall receive a lump sum payment in accordance with the following conditions: a) Eligible retirees must submit an Annual Insurance Open Enrollment Acknowledgement Form to the Office of Human Resources by June 30 on an annual basis in order to receive a health insurance buyout for the following school year.

Health Insurance Buyout. In the case that the Superintendent does not wish to participate in the District Health Insurance program, the Superintendent shall be provided with the following: a. An annual amount of Five Thousand Dollars ($5,000). Such stipend will be paid through the normal payroll process and shall be prorated for less than a full year of service. b. An annual amount of Five Hundred Dollars ($500.00) for the 125 Plan. If the Superintendent does not complete a full year of service to the district, the District will deduct a proration amount of said $500.00 from the Superintendent’s final paycheck. Should the final paycheck not be sufficient, the Superintendent will make full restitution to the District. c. The Superintendent shall have the option to re-enter the District’s Health Insurance Program in accordance with the rules and regulations of said insurance provider(s).

Health Insurance Buyout. A. An employee who is eligible for health insurance, but elects not to enroll, and works her/his full contract will be paid one thousand dollars ($1,000), if the employee submits proof of insurance, for the employee and others who the employee expects to claim as tax exemptions, from another source that provides minimum essential insurance coverage (other than in the individual market). A prorated amount will be returned to the District in the event the employee begins to work less than thirty (30) hours a week or through a qualifying event, need to enroll in the District Plan. B. If twenty-two (22) or more employees provide notice to the District by September 1 in any year that they will be eligible for the buyout described in Article 10.3, A, the amount paid to each employee for the medical insurance buyout will be five thousand dollars ($5,000) for each subsequent school year minus any penalty imposed on the District because the employee receives an insurance subsidy (e.g., under the Patient Protection and Affordable Care Act). A prorated amount will be returned to the District in the event the employee begins to work less than thirty (30) hours a week or through a qualifying event, need to enroll in the District Plan. C. If thirty-one (31) or more employees provide notice to the District by September 1 in any year that they will be eligible for the buyout described in Article 10.3, A, the amount paid to each employee for the medical insurance buyout will be seven thousand, five hundred dollars ($7,500) for each subsequent school year minus any penalty imposed on the District because the employee receives an insurance subsidy (e.g., under the Patient Protection and Affordable Care Act). A prorated amount will be returned to the District in the event the employee begins to work less than thirty (30) hours a week or through a qualifying event, need to enroll in the District Plan.