Keyword Analysis & Research: for hours bank arrangements only definition


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Frequently Asked Questions

What is an hours' bank arrangement?

We call this an hours’ bank arrangement. Medicare is the secondary payer of benefits for GHP coverage that the Welfare Fund provides based on an hours’ bank arrangement. Beneficiaries, age 65 or older, who have GHP coverage that extends beyond or between periods of active employment, such as union members, often have hours’ bank arrangements.

Can I add hours to my hours bank account?

Your Hours Bank will not be deducted for the month that you return to work for a contributing employer. If you’re an employer with an hours bank arrangement, complete the section called “For Hours Bank Arrangements ONLY”1. You may not add hours to your Hours Bank account unless you have worked more than 450 hours during the applicable Work Period.

Who is eligible for hours' bank coverage?

individuals age 65 and older who have health coverage that extends beyond or between periods of active employment; for example, based on an hours’ bank arrangement. Active union members in certain trades and industries (e.g., construction) often have “hours’ bank” coverage. For SEP Enrollments for hours’ bank arrangements see HI 00805.278 . B.

Can I use my banked hours for Cobra?

When an employment is terminated the remainder of the banked hours can be used towards COBRA, or in some circumstances a cash refund may be requested. Please note that this may change per company and any cash refund is subjected to income tax, and you will receive a 1099 at the end of the year.

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