Vassar College Medical Insurance Cash-Out Policy

• Vassar’s Medical Insurance Cash-Out provides a taxable cash payment to non-SEIU employees who do not need the Vassar health insurance because they have medical insurance elsewhere. Each year during Open Enrollment, you may select the Medical Cash-out plan if it is offered. The benefit is not automatically renewed every year.
• The cash-out payment equals $550 for the calendar year (12 months, January–December), divided among your annual paychecks.
• Elect the cash-out from the “Medical Plans” list in Workday.
• The cash-out payments are taxable income.
• Vassar annually reviews the decision to offer the medical cash-out payment. In future years, this benefit may or may not be offered.
• If your spouse/partner works at Vassar and you are enrolled as a dependent on her/his health insurance, you are not eligible for the cash-out.

If you have any questions about the cash-out option, contact Benefits at ext. 5850.