Common use of Medical Coverage Continuation Clause in Contracts

Medical Coverage Continuation. ▇▇▇▇▇▇’▇ medical coverage will end on November 30, 2011. If ▇▇▇▇▇▇ or his covered dependents timely elect to receive medical coverage continuation under the Consolidated Budget Reconciliation Act of 1986 (“COBRA”), LS&Co. will pay the same percentage of the monthly cost of the COBRA medical coverage, as it paid for ▇▇▇▇▇▇ (and his covered dependents) medical coverage during his active employment for up to the earlier of eighteen (18) months, or the date when ▇▇▇▇▇▇ obtains replacement coverage from another employer. During the period of coverage subsidized by LS&Co., ▇▇▇▇▇▇ will be responsible for payment of the remainder of the cost of COBRA medical coverage, and for the full cost of any dental or vision coverage he or any member of his family elects. Any failure by ▇▇▇▇▇▇ to pay his portion of coverage will result in termination of continuation coverage. Any period of subsidized coverage shall be counted towards the 18-month COBRA entitlement. After the Company-subsidized coverage period ends, ▇▇▇▇▇▇ will be responsible for full payment of his entire COBRA premium. Continuation of COBRA will not extend beyond the date on which ▇▇▇▇▇▇ becomes eligible for coverage under another group health plan unless the new plan has a pre-existing condition limitation, or ▇▇▇▇▇▇ is entitled to Medicare. ▇▇▇▇▇▇ agrees to promptly inform LS&Co. as soon as he becomes covered by another employer. Nothing in this paragraph or elsewhere in this Agreement waives or otherwise releases ▇▇▇▇▇▇ rights under COBRA or any similar state laws (if ▇▇▇▇▇▇ is eligible) or to receive a certificate of creditable coverage (or such other similarly entitled document) under the Health Insurance Portability and Accountability Act of 1996 (“HIPPA”), from the plan that ▇▇▇▇▇▇ participates in at the time he elects COBRA coverage.