What is the waive credit?
The $780 yearly waive credit applies to employees who waive out of medical coverage. We encourage those employees who choose to waive coverage to consider maintaining any coverage available to them elsewhere. The waive credit comes out to $30 per biweekly pay. You do not receive a waive credit for waiving prescription or dental coverage. How are employee health care contributions calculated? Employee contributions for each medical and prescription drug plan are set at 20% of the premium rate. For dental, the employee sharing percentage is 30%. Each year the cost of claims and plan administration costs are tracked and totaled. These costs form the basis for developing premium rates for both Lubrizol’s insured and self-insured medical and prescription drug programs. After applying an appropriate medical inflation factor, annual premium rates are produced by level of coverage. The above percentages are then multiplied by these rates in order to establish employee contribution rates.
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