34 Eligible employees who voluntarily elect to waive health insurance coverage will receive a taxable opt-out cash incentive in lieu of the health insurance benefit. To be eligible to receive the opt-out incentive, the employee must provide proof of other health insurance coverage. The opt-out incentive will be paid on each semi-monthly pay date as long as the employee would otherwise be eligible for health insurance coverage from the College. All such payments shall cease for any period of time the employee is on an unpaid leave of absence, or if the employment relationship is severed for any reason. The full amount will be recorded as taxable income and all applicable taxes will be deducted per the employee’s withholding requirements. Eligible full-time employees will pay premiums in accordance with the Full-time employee health, dental, and vision insurance rates. Eligible part-time employees, who are working at least 17.5 hours but less than 35 hours per week on a regular basis, will pay a higher percentage of the monthly premiums for health insurance than full-time employees in accordance with the Part-time employee health, dental, and vision insurance rates. Health Savings Account The College provides a Health Savings Account (HSA) to employees enrolled in the FCC high deductible health insurance plan. New enrollments or changes in enrollment effective after July 1 will result in a prorated contribution or a prorated recall of contribution by the College for the remainder of the plan year. Employees who are enrolled in the high deductible health insurance plan may contribute additional funds to their HSA on a pre-tax basis. HSA balances carry over from year to year and are portable. Employees may change their elections throughout the year. Flexible Spending Account The College offers a Flexible Spending Account (FSA) for medical and/or dependent care. The FSA allows for pre-tax contributions to pay for medical and/or day care expenses. Employees who have an HSA for medical expenses may only enroll in the limited purpose medical FSA. Dental Insurance The College offers a group dental insurance plan to eligible employees. Any portion of the premium not covered by the College must be paid by the employee electing the insurance coverage. Coverage for eligible employees is effective on the employees date of hire . For further details regarding the dental insurance plan, consult the summary plan description or contact Human Resources. Vision Insurance The College offers a group vision insurance plan to eligible employees. Any portion of the premium not covered by the College must be paid by the employee electing the insurance coverage. Coverage for eligible employees is effective on the employees date of hire . For further details regarding the vision insurance plan, consult the summary plan description or contact Human Resources. Consolidated Omnibus Budget Reconciliation Act (COBRA) The federal COBRA gives employees and their qualified beneficiaries the opportunity to continue health, dental, and vision insurance coverage under College health plans when a qualifying event would normally result in the loss of eligibility. Some common qualifying events include resignation, separation from employment, death of an employee, a reduction in an employee’s hours or a leave of absence, an employee’s divorce or legal separation, and a dependent child no longer meeting eligibility requirements.
RkJQdWJsaXNoZXIy MTc2ODM1