Calculating Health Benefit Contribution and/or Insurance Waiver Buyback Payment

Employees enrolled in health benefits through Barnegat Board of Education are required to pay health benefit contributions on medical and prescription insurance coverage.  Amounts are deducted from payroll and calculated based on employee's current gross salary, current insurance premium rates and percent of premium (Chapter 78, P.L. 2011).

Employees electing to waive health benefits coverage due to coverage under other insurance receive a cash payment which is calculated based on current insurance premium rates and health benefits contribution.