2016 Open Enrollment has ended.
Open Enrollment is your annual opportunity to review your benefit coverage options and make choices for the upcoming calendar year. 2016 benefit elections become effective on January 1, 2016 and remain in effect for the entire year. After the enrollment period, you cannot change your benefit elections unless you experience a qualifying status change.
If you do not want to change your benefit elections for 2016, and you are not enrolling in a spending account, you do not need to do anything. Your 2015 benefit elections (except spending account contributions) will automatically rollover to 2016; new 2016 rates will apply. If you are enrolling in a spending account, you must log-on to Workday and select your contribution level. Your 2015 spending account elections do not automatically roll-over to 2016.
Review 2016 Benefit Options
- Check the full-time rates or part-time rates.
- Review the redesigned 2016 Benefits Guide:
- View the medical/Rx plan summaries.
Note: There are no changes to medical plans or providers for 2016, with many plan rates remaining consistent with 2015 rates. Moderate rate increases will apply to a few plan options. In addition, the Health Care Flexible Spending Account (HCFSA) limit is increasing from $2,500 in previous years to $2,550 in 2016.
New IRS Reporting for the 2015 Tax Year: Form 1095-C
The Affordable Care Act includes both the individual mandate and the employer mandate. The individual mandate requires that most Americans have qualifying healthcare coverage or potentially face a fine. The employer mandate requires certain employers to offer healthcare coverage to their full-time employees or potentially face a fine. Much like the Form W-2 is used to determine whether or not you owe taxes, the IRS will use the information reported from your Form 1095-C to determine whether you may have to pay a fine for failing to comply with the Affordable Care Act.
The Form 1095-C contains information about your healthcare coverage that you will need when completing your tax filing for 2015. Think of the form as your “proof of insurance” for the IRS.
Forms will be distributed along the same timeline as W-2s. More information will be available in January 2016.