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UWMF,

Benefits,

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Pay & Benefits,Benefits,Health, Dental, Vision Insurance,UW Medical Foundation

Health Insurance Buy Back Information (UWMF)

Health Insurance Buy Back Information (UWMF) - Pay & Benefits, Benefits, Health, Dental, Vision Insurance, UW Medical Foundation

Focus

Benefit Summary

Under UWMF’s Health Insurance Buy-Back Program, eligible employees receive $100 for each month they are eligible for the medical benefit during the current benefit year, but elected to waive the health insurance coverage offered through UWMF due to other medical coverage (i.e. spouse’s insurance plan).

The health insurance buy-back is paid annually in a lump sum payment made to each eligible employee who has met the requirements outlined above and is actively employed at the time of the payment. The buy-back amount is included in the second paycheck in February of the following year.

Benefit Eligibility

To be eligible for UWMF's Health Insurance Buy-Back Program, you must work 20 hours per week or more (equivalent to a 0.50 FTE or greater) and have completed your initial benefits waiting period.

Participation

For 2017 benefit year:

Employees who waived health insurance for 2017 benefit year, completed the Health Risk Assessment for the 2017 benefit year, and submit proof of other coverage to Human Resources by the January 5, 2018 deadline will receive the incentive pay out on the 2nd paycheck in February of 2018.

For the 2018 benefit year:

Employees who waive health insurance for the 2018 benefit year are not required to complete the Health Risk Assessment as part of the Health Insurance Buy-Back. Employees who are eligible for health insurance, but waive coverage, will automatically be eligible for the Health Insurance Buy-Back, and will receive the incentive pay out on the 2nd paycheck in February of 2019 if they submit proof of other coverage to Human Resources by the January 2019 deadline.