HOSPITALIZATION FOR THE EMPLOYEE AND DEPENDENT Sample Clauses

HOSPITALIZATION FOR THE EMPLOYEE AND DEPENDENT. The employer shall participate in the New York State Insurance Program. Effective July 1, 2010, all unit members shall be required to pay, on a payroll deduction basis, an amount equal to five hundred thirty ($530.00) dollars towards the annual cost of individual health insurance premiums or seven hundred and twenty ($720.00) dollars towards the annual cost of family health insurance premiums. Effective July 1, 2011, all unit members shall be required to pay, on a payroll deduction basis, an amount equal to five hundred eighty ($580.00) dollars towards the annual cost of individual health insurance premiums or eight hundred and seventy ($870.00) dollars towards the annual cost of family health insurance premiums. The employer reserves the right to change carriers but guarantee comparable or better coverage. Any proposed change of carrier will be introduced to the union 30 days prior to implementation. Any dispute as to the issue of comparability will be addressed through the grievance procedure. The District agrees to provide an excess major medical rider to the hospitalization as contained herein above. At the employee’s option (except for dual family coverage) he/she may reduce his/her medical insurance coverage by completing an appropriate form each year furnished by the District. Any employee changing from family or individual coverage (including dual family coverage) or waiving family coverage or individual coverage shall receive as salary 50% of the premium savings as a result of the election of the aforementioned change in coverage. The District will receive 50% of said savings. Employees electing to reduce their coverage must do so by March 1. Election to take effect July 1. The savings earned by the employee shall be paid by the employer in December and June of each year. Full coverage may be reinstated by notifying the District, in writing, by March 1. Said reinstatement shall take place July 1. The District shall waive the March 1 notification date if the employees’ insurance coverage changes drastically so as to cause severe hardship as a result of the employee’s election to reduce coverage. Such circumstances are limited to death of spouse, loss of spouse’s employment or loss of spouse’s insurance coverage. It is understood that, in order to exercise this option, the employee(s), no later than March 1st of each year, must demonstrate to the satisfaction of the district that he/she has adequate health insurance coverage through a spouse’s plan ...