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. Alternately, the employee must decline coverage or a portion of coverage for which they are eligible in the Ultipro online Open Enrollment session. Proof of medical insurance coverage through another carrier is required as well as supporting dependent verification.
Quarterly payments will be made to employees as part of their regular paycheck in varying amounts ranging from $1,400 to $2,750 annually, depending on their coverage eligibility and declination. The eligibility date to begin payment is prorated to the date of declination. This increase in the Voluntary Incentive Benefit is effective January 1, 2016.
Enrollment can occur only when an employee is hired, when a qualifying event occurs, or during an open enrollment period.