Cash Option

Reminders for 2012

• State employees who are dependents on their parents' state-sponsored benefits are now eligible to receive cash in lieu of health and dental coverage. This is a change from previous years and will bring us into compliance with the new federal health reform requirements.

What's a cash option?

If you have medical and/or dental insurance through a spouse, domestic partner, or another source, you have the option to receive cash in lieu of your State-sponsored health and/or dental benefits.

Benefits of the Cash Option

Depending on which cash option you enroll in, you'll receive:

• $128/month in lieu of health benefits;
• $12/month in lieu of dental benefits; or
• $140/month in lieu of medical and dental benefits.

This money is treated as taxable income and is reported on your W-2 statement for the tax year when you receive payment. Cash option payments are not considered compensation for retirement purposes.

This plan applies to employees in Bargaining Units 1, 3, 4, 5, 6, 9, 10, 11, 12, 13, 14, 15, 20, and 21.

Excluded Employees and Employees in Bargaining Units 2, 7, 8, 16, 17, 18, and 19: You're covered by Consolidated Benefits (CoBen) and your cash option is available through CoBen, not this plan. Contact your personnel office for information and forms to enroll in a CoBen cash option.

 

Cash Option

• What's a cash option?
• Before enrolling in a cash option
• Who may enroll in a cash option?
• When may I enroll?
• Can I change my enrollment?
• Administrative fee
• Before enrolling in a cash option
• How to change or cancel your cash option
• Cash option for Unit 6 employees
• Cash option for CoBen employees
• Cash option for permanent-intermittent employees
• If your status changes
• Changes in status ("permitting events")
• Instructions for completing the form

Forms and Publications

• Cash Option Enrollment Authorization - STD 701C - PDF
• CalPERS Health Benefits Enrollment Form - HBD-12 - PDF | Instructions
• Dental Enrollment Form - STD 692 - PDF

• Handbook - 2012 Plan Year (FlexElect)
• Handbook - 2011 Plan Year (FlexElect)

Updated December 29, 2011 at 6:04 PM.