Open enrollment has begun. Below we have provided you important information on your coverage and some important programs for you to pay attention to. Please also take the time in this enrollment period to update and verify your beneficiary information.
The enrollment period is also the time to up your life insurance (page 10). While you are updating these documents, please also update your beneficiary information for your pension and 401k to avoid any issues in the future.
Take the time to assess your current life and AD&D needs. They can change from year to year, especially if your family dynamics or lifestyle has changed.
Verify your beneficiary information
It's important to verify that your beneficiary information on Benefits Connection is both accurate and up to date. In the event of your death, the insurance plan administrator will pay proceeds based on your beneficiary information on record.
Supplemental life insurance rates
The rates for an active employee with supplemental life insurance and spouse life insurance are based on age ranges. As you and your spouse age and fall into a new age band, your costs.
Verizon Open EnrollmentTo review your current elections and your 2018 options log on to Benefits Connection
The 2018 Annual Open Enrollment Dates are as follows:
October 10, 2017 to October 19, 2017 - (these dates are for Active employees and Retirees)
This is your opportunity to review your benefits and make any changes to your benefits. Retirees are urged to make any changes during the annual enrollment period; however they continue to have "Anytime Enrollment". When a retiree makes a change outside of the Annual Enrollment period, the change is effective the first of the month following a 30 day period. Under "Anytime Enrollment" a retiree could make a change up through November 30, 2017 to be effective January 1, 2018.
All other 2017 Elections and designations automatically carry over into 2018 Annual Enrollment. Members who want to stay with their plan without any changes don't need to do anything.
Annual Enrollment Guides will be sent to employees and retirees this month.
Health Assessment Credit
Any member who previously completed a Health Assessment will receive the $100 Health Assessment credit in 2018. There is no need to complete a new assessment, if you are currently receiving the credit. If you are not currently receiving the Health Assessment credit, complete the Health Assessment before January 1, 2018 to receive $100 credit toward your annual medical plan contributions for 2018.
Non- Tobacco User Credit - $600
If you and your covered dependents DO USE tobacco products but have completed a tobacco cessation course within the last six months indicate your status on Benefits Connections during Open Enrollment for the full credit.
If you have NOT yet completed a tobacco cessation course, you can earn the full Non-Tobacco Credit in 2018 if you and/or your covered dependents satisfy the reasonable alternative standard as follows;
- During Annual Enrollment, log on to Benefits Connection and answer the Tobacco User Status question while completing your Annual Enrollment elections: - answer YES and intend to complete a tobacco cessation course before July 31, 2018.
- Before July 31, 2018, complete a tobacco cessation course such as Quit Net or the Verizon Health Zone Health Assistant, and log on to Benefits Connection. Answer the Tobacco User Status question: YES and completed a tobacco cessation course within the last 6 months.
- You MUST update your Tobacco User Status response by July 31, 2018 in order to receive the full Non-Tobacco credit. Any update made to your tobacco user status after July 31, 2018 will result in a prorated credit for the remainder of the year.
In the 2018 plan year, the cost of coverage for two (2) of the Pre-Medicare plan (UHC Passport/ Harvard Pilgrim and one out of area pre-Medicare HMO) options will exceed the applicable retiree caps and will require contributions.
- The billing process will remain unchanged from the process that is in place today for those who are already making contributions.
- Anyone that is enrolled in a benefit that requires contributions will receive a bill.
- Bills are mailed by the 15th of each month with a due date of the first of the following month. For example, the bill for the contributions for January 2018 will be mailed/posted to the web by December 15, 2017 with a due date of January 1, 2018.
Retirees can elect to have contributions paid via ACH debit or pension deduction: Because ACH direct debit is the fastest and easiest way for a retiree to pay for coverage, it is highlighted on each monthly invoice that is mailed home to encourage enrollment. The retiree can enroll in this option on the secure Benefits Connection website by providing his/her routing and checking account number. The balance due would be debited out of their account on the first business day of the month. For example, January's balance would be debited on 1/2/2018.
The Affordable Care Act requires proof of healthcare coverage at tax time. As a result, tax forms (1095s) that show your health care coverage for the prior year will be sent out to active employees and pre Medicare retirees in the beginning of the year. Save this form to file with your taxes.