COBRA Premium Payments Clause Samples
The COBRA Premium Payments clause outlines the responsibilities regarding the payment of health insurance premiums for employees who elect to continue their group health coverage under COBRA after leaving employment. Typically, this clause specifies whether the employer or the former employee is responsible for paying the premiums, the duration of any employer contributions, and the process for making payments. For example, an employer may agree to cover COBRA premiums for a set period as part of a severance package, or the employee may be required to pay the full cost. The core function of this clause is to clarify financial obligations and ensure uninterrupted health coverage during the COBRA continuation period.
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COBRA Premium Payments. If you timely elect continued coverage under COBRA for you and your covered dependents under the Company’s group health plans following the Separation Date, then the Company shall pay the COBRA premiums necessary to continue you and your covered dependents’ health insurance coverage in effect for you (and your covered dependents) on the Separation Date until the earliest of: (i) twelve (12) months following the termination date; (ii) the date when you become eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment; or (iii) the date you cease to be eligible for COBRA continuation coverage for any reason, including plan termination (such period from the Separation Date through the earlier of (i)-(iii), the “COBRA Payment Period”). Notwithstanding the foregoing, if at any time the Company determines that its payment of COBRA premiums on your behalf would result in a violation of applicable law (including, but not limited to, the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation Act), then in lieu of paying COBRA premiums pursuant to this section, the Company shall pay you on the last day of each remaining month of the COBRA Payment Period, a fully taxable cash payment equal to the COBRA premium for such month, subject to applicable tax withholding, for the remainder of the COBRA Payment Period. Nothing in this Agreement shall deprive you of your rights under COBRA or ERISA for benefits under plans and policies arising under your employment by the Company.
COBRA Premium Payments. An amount each month for the first [twelve (12)] [eighteen (18)] months following the Executive's becoming entitled to COBRA Continuation Coverage for any reason as of the date of, or following, the Executive's Date of Termination, equal to the COBRA Monthly Premiums to provide the Executive (and any and all dependents of the Executive who are qualified beneficiaries) with COBRA Continuation Coverage.
COBRA Premium Payments. Provided Executive and/or his dependents are eligible and timely elect to continue their healthcare coverage under the Company’s group health plan pursuant to their rights under COBRA, Employer will reimburse Executive for the costs Executive incurs to obtain such continued coverage for himself and his eligible dependents to the extent in excess of the premiums paid by Executive for such healthcare coverage with respect to the final month of his employment by the Company (collectively, the “Coverage Costs”) until the earlier of (a) the date when Executive becomes eligible for healthcare coverage provided through a subsequent employer, and (b) the twelve (12) month anniversary of the Termination Date. In order to obtain reimbursement for such Coverage Costs, Executive must submit appropriate evidence to Employer of each periodic payment within sixty (60) days after the payment date, and Employer shall within thirty (30) days after such submission reimburse Executive for that payment. During the period such medical care coverage remains in effect hereunder, the following provisions shall govern the arrangement: (i) the amount of Coverage Costs eligible for reimbursement in any one calendar year of such Page 1 of 8 – Severance and General Release of All Claims Agreement coverage shall not affect the amount of Coverage Costs eligible for reimbursement in any other calendar year for which such reimbursement is to be provided hereunder; (ii) no Coverage Costs shall be reimbursed after the close of the calendar year following the calendar year in which those Coverage Costs were incurred; and (iii) Executive’s right to the reimbursement of such Coverage Costs cannot be liquidated or exchanged for any other benefit. To the extent the reimbursed Coverage Costs constitute taxable income to Executive, Employer shall report the reimbursement as taxable W-2 wages and collect the applicable withholding taxes, and any remaining tax liability shall be Executive’s sole responsibility. Executive acknowledges and agrees that the Severance Payment and Coverage Costs constitute new and adequate consideration to support the release set forth in paragraph 3 of this Agreement and are payments Executive was not previously entitled to receive.
COBRA Premium Payments. At Employer's full expense, continuation coverage for Executive and Executive's eligible dependent(s), existing as of the Termination Date, under Employer's group health plans, subject to the terms, conditions and election requirements of COBRA or applicable state law counterpart to COBRA ("PAID HEALTH PLAN COVERAGE"). Any additional period of post-termination health plan coverage to which Executive and Executive's dependents may be eligible under COBRA, or under a state law counterpart to COBRA, after expiration of COBRA Premium Benefits provided under this Section VII.B.1.b., shall be at Executive's full personal cost and expense.
COBRA Premium Payments. If you timely elect to continue group health coverage under COBRA, ITG will cover the cost for the first 12 month(s) of your COBRA coverage. Upon completion of the twelfth month of COBRA coverage, ITG will cease contributing towards the cost of the COBRA premium on your behalf. Thereafter, you will be responsible for the full cost of any further COBRA coverage. Notwithstanding the foregoing, in the event you become eligible for healthcare coverage through subsequent employment, ITG’s obligation to cover the cost for your COBRA premium on your behalf will cease as of the date of such eligibility and you will be responsible for the full cost of any COBRA coverage that is incurred by ITG after the date of such subsequent eligibility for healthcare coverage. You must immediately notify ITG of such eligibility by contacting Human Resources at 212.444.4222 or via email to ▇▇▇_▇▇@▇▇▇.▇▇▇ as soon as you become aware of such eligibility.
COBRA Premium Payments. Subject to the terms and conditions provided for in the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), and provided you have timely and properly elected COBRA coverage in accordance with the Company’s COBRA election procedures, the Company shall pay your group medical and dental insurance premiums at 100% during the Severance Period or until such earlier time as you (i) obtain alternate medical insurance or (ii) become ineligible for COBRA benefits. You agree promptly to notify the Company if and when you become eligible for alternate medical coverage during the Severance Period. Following the Severance Period, you shall be responsible for 100% of the COBRA premium should you elect to maintain this coverage.
COBRA Premium Payments. The Company will pay for Employee’s Health Care Benefits Continuation premium pursuant to section 4980B of the Internal Revenue Code of 1986, as amended (“COBRA”) for a period of six (6) months (through September 30, 2013) at the rate required to continue his current health care coverage.
COBRA Premium Payments. Pay You the Cobra Premium Payments identified in Section 2.3 of the C.O.C. Agreement;
COBRA Premium Payments. In consideration for the execution of this Agreement, the COMPANY shall pay the same portion of the monthly premium for EMPLOYEE's continued participation in the Company's group health coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act ("COBRA") through November 6, 2016, as if EMPLOYEE was still employed by the COMPANY, provided that: (i) EMPLOYEE is eligible for and timely elects to receive COBRA coverage; and (ii) EMPLOYEE pays the remaining portion of the premium on a timely basis. Thereafter, EMPLOYEE's continued participation in the COMPANY's group health coverage pursuant to COBRA shall be at EMPLOYEE's sole expense.
COBRA Premium Payments. Due to the pending dissolution of Employer, at the same time as the Severance Payment, the Employer will pay Employee a cash payment equal to the amount of Employee’s COBRA Premiums through October 1, 2024 subject to applicable tax withholding (such amount, the “Special Severance Payment”), such Special Severance Payment to be made without regard to your election of COBRA coverage or payment of COBRA premiums and without regard to your continued eligibility for COBRA coverage following the Separation Date.