When Benefit
Changes May Be Made
Medical and Dental Insurance
Pre-Tax Reimbursement Accounts
Supplemental Retirement Accounts
Life Insurance
Medical and Dental Insurance
During
open enrollment each fall, you may:
·
Begin
medical or dental insurance coverage.
·
Choose a
different medical plan.
·
Change
individual or family coverage.
Changes
made in medical and dental insurance during open enrollment will
be effective the following January 1. Changes cannot be made at
times other than open enrollment except during the 30 days
immediately following certain changes in family status. Examples
of changes in family status are marriage, death of a covered
dependent, birth or adoption of a child, divorce or legal
separation, loss of coverage through a spouse’s employment, and
a dependent’s move into the state.
Your
current medical and dental coverage will continue during the
next calendar year unless you change coverage during open
enrollment. You may, however, drop medical or dental insurance
at any time.
Pre-Tax
Reimbursement Accounts
You may
establish a pre-tax medical expenses reimbursement account (MERA)
and a pre-tax dependent care reimbursement account during fall
open enrollment. IRS regulations do not permit the university to
automatically continue a pre-tax reimbursement account from one
year to the next and permit changes in an account only during
open enrollment or during the 30 days immediately following a
change in family status, including, for dependent care accounts,
a significant change in the number of hours worked by the
faculty or staff member or spouse. A reimbursement account will
end on December 31 unless it is reestablished during fall open
enrollment.
Supplemental Retirement Accounts
You may
open or change a supplemental retirement account during open
enrollment or at any time during the year to be effective on the
first day of the following month. In any event, however,
contributions to a supplemental retirement account end on
December 31 each year unless the participant renews them. You
may cancel contributions to a supplemental retirement account at
any time.
Life
Insurance
A faculty
or staff member may enroll in optional life insurance without
evidence of insurability or increase coverage without evidence
of insurability only during the first 30 days of employment or
during the 30 days immediately following marriage or the birth
or adoption of a child, and, in either case, only to a maximum
of $200,000 without evidence of insurability. Optional life
insurance can be purchased at other times and for larger amounts
only if the faculty or staff member submits evidence of
insurability that is satisfactory to the insurance company.
