Opting?out and opt out?incentives
Eligible employees: full-time faculty, full-time and part-time: Classified, Managerial, Academic Professionals, Confidentials. Part-time faculty may opt out of medical and vision coverage, but are not eligible for the incentive.
Benefits-eligible employees (except part-time faculty) may opt out of?medical, dental and vision?coverage?ONLY if they have other group medical coverage.?Those who choose to?opt out will?receive an incentive payment of?up to $200.00 per month, pro-rated based on FTE.?The?opt out incentive?is taxable income. Part-time Faculty may opt out of medical, dental and vision coverage if they have other group or individual medical coverage, but they are not eligible for the incentive payment.
You can opt out during open enrollment or at the time of a Qualified Status Change. To opt out during open enrollment, you must complete online enrollment at MyOEBB. ?To opt out due to a Qualified Status Change, you must complete a?mid-year change form?and return it to Human Resources/Benefits, Downtown Center 321, within 31 days of the event. If you have questions,?contact a Benefits Specialist.
You may re-enroll in medical, dental or vision coverage at a later date ONLY at open enrollment or with a Qualified Status Change. For details, see the OEBB qualified status change matrix.
Before you make a decision to opt out, you may wish to consider the following questions.
- How do plan costs compare? This includes monthly premium payments as well as deductibles, copayments, coinsurance and other charges.
- How do the plans compare in terms of coverage?
- Will you have to change your physician?
- How long will you have access to other group medical coverage?