If an employee needs to waive medical coverage, find out how it can impact your company.
Employees who choose to decline one or more lines of coverage offered by a company for themselves or their dependents must sign a waiver and provide a reason for declining.
The waiver that the employee will be required to sign can include the following:
- Social Security number
- Employment date
- Who the employee is waiving coverage for, and why
- Confirmation that the only way for employees to enroll themselves or a dependent prior to the company’s next open enrollment period (up to 12 months) is through a qualifying life event
These reasons directly affect the company’s ability to qualify for insurance coverage, and should be accurately reported.