(a) The City shall pay the full premium on a seventy-five thousand dollar ($75,000) term life insurance policy for each full-time employee. Employees between the ages of 65 and 70, this benefit is reduced by thirty-five percent (35%) and for employees over age 70 benefits are reduced by fifty percent (50%).
(b) The City shall continue to provide healthcare (medical/prescription) insurance to full- time employees. Effective March 1, 2020, the City shall offer a "High Deductible Healthcare Plan" (HDHP). The City shall make an annual contribution of one thousand dollars ($1,000), during March of each year, to the HSA account for those employees choosing family coverage and five hundred dollars ($500.00) to the HSA account for those employees choosing single coverage.
The City may also offer a PPO plan for which employees shall pay twelve percent (12%) of the COBRA rate which includes prescription drug coverage.
Annually, during the open enrollment period, employees will be permitted to cash out accrued sick leave at one hundred percent (100%) of the value of the employee's current hourly wage in an amount equal to the maximum deductible of the HSA plan selected by the employees, less the City's contribution. Employees who switch from a PPO plan to the HSA plan in March or employees hired after January 1 of the current year will have a one-time option during the year to cash out sick leave. This additional one-time sick leave cash out will be paid in November of the current year with requests due by November 1st. The City shall only increase the deductible each year for the HDHP as/if required by IRS.
(c) The City shall pay one hundred percent (100%) of vision and dental coverage, including orthodontia.
(d) Employees that have the option of receiving health insurance from a spouse's employer or another offered plan and who choose to "opt out" of the City's healthcare insurance shall be compensated as follows:
OPT-OUT RATES
Coverage Eligibility | Coverage Selected | Opt-Out Amount |
FAMILY | NONE | $250 |
FAMILY | SINGLE - Medical/Dental/Vision | $150 |
FAMILY | FAMILY - Dental/Vision only | $225 |
SINGLE | NONE | $110 |
SINGLE | SINGLE - Dental/Vision only | $100 |
(Ord. 89-2021. Passed 12-14-21.)