Health Insurance Benefits

Health Insurance Benefits. The benefits to be provided pursuant to Section 7(a), 7(b) or 7(c) of this Agreement to the Employee and his dependents who are covered by the Company or any of its Consolidated Subsidiaries at the time of the Employee's Date of Termination (each such person, including the Employee, a "Covered Person" and collectively the "Covered Persons") for the time period set forth in Section 7(a), 7(b) or 7(c) of this Agreement as applicable (the "Coverage Period"), which benefits shall consist of the... Company or the Bank paying 100% of the premium costs (including any Medicare income-related monthly adjustment amount) for such person's Medicare coverage (including each part of Medicare in which such person participates, including but not limited to Parts A, B and D of Medicare, Medicare advantage plans and Medigap plans) until the earlier of the expiration of the Coverage Period or the death of such person; provided, however, that in the event that the payment of such premiums would trigger the payment of an excise tax under Section 4980D of the Code, then the Company or the Bank shall pay to the Employee within 30 days following the Date of Termination a lump sum cash amount equal to the projected cost to the Company and the Bank of providing continued coverage to the Covered Person until the expiration of the Coverage Period. Any insurance premiums payable by the Company or the Bank as specified above shall be payable at such times and in such amounts as imposed by Medicare or the insurance company, and the amount of insurance premiums required to be paid by the Company or the Bank in any taxable year shall not affect the amount of insurance premiums required to be paid by the Company or the Bank in any other taxable year. View More