If an eligible employee declines medical coverage for himself or herself, his/her spouse or domestic partner, dependent children, or all, the employee is eligible to enroll in the Medical Voluntary Financial Incentive Program.
The employee must complete and sign the Declination of Medical Coverage form in order to be enrolled in the Medical Voluntary Financial Incentive Program. Proof of medical insurance coverage through another carrier is required.
Quarterly payments will be made to employees as part of their regular paycheck in varying amounts ranging from $1,275 to $2,400 annually, depending on their coverage eligibility and declination. The eligibility date to begin payment is prorated to the date of declination.
Enrollment can occur only when an employee is hired, when a qualifying event occurs, or during an open enrollment period.