Enrollment Periods

 

Farm Credit Foundations benefit plans operate on a calendar year basis, from Jan. 1 to Dec. 31.  Many of the plans are offered through a cafeteria plan which allows enrollment or changes only during special enrollment periods.

New Employee Enrollment Period

Your New Employee enrollment period is the first 45 days of hire. Benefits will be effective the 1st or 16th day of the month on or following enrollment. If you do not enroll within 45 days of hire, you will automatically be enrolled in the employer-provided benefits (Basic Employee Term Life and Accidental Death and Dismemberment, Business Travel Accident, Long-Term Disability Insurance and the 401(k) program). Once enrolled, your election is irrevocable unless a qualifying change of status occurs or you must wait until the next annual enrollment period to make changes.

 

Annual Enrollment Period

The Annual Enrollment period each year is generally the first two weeks in November. During this period, you have the opportunity to review your benefits and make changes. An election filed during the Annual Enrollment period is effective Jan. 1*, and applies throughout the next year. 

 

Special Enrollment Periods

If you meet the requirements for changing one or more of your pre-tax elections during the year, the 31-day period immediately thereafter is a special enrollment period. 

 

Qualified Status Change 

You may make mid-year, pre-tax election changes if you have a qualified status change:

• Marriage, divorce or legal separation
• Change in domestic partner relationship
• Birth, adoption or placement for adoption
• Death of your spouse or dependent
• Loss or reinstatement of dependent status
• Significant change in your spouse’s/partner’s coverage
• Loss of your or your dependents’ group coverage due to
  layoff or termination

If you have a qualified status change and would like to change your coverage, you must submit a change within 31 days of the qualified event (60 days from date of birth, adoption, or placement of adoption). Your benefit changes will be effective the date of the event. Any changes made to coverage must be consistent with the Qualified Status Change under IRS Section 125.

* Certain coverage’s may become effective upon approval from the vendor. Review the information in the Life Insurance section for more information.

 

HIPAA Special Enrollments Medical

If you acquire a spouse through marriage, you can enroll your spouse without waiting until the next Annual Enrollment period. If you are not enrolled for coverage, you also can enroll yourself for medical coverage at that time. You can enroll prior to or within 31 days after your date of marriage. Coverage will start on the date of your marriage.

 

Newly Acquired Children

If you acquire an eligible dependent child through birth, adoption or placement for adoption, you can enroll the child without waiting until the next Annual Enrollment period. If you and/or your spouse are not enrolled for coverage, you also can enroll yourself and your spouse for medical coverage at that time. You must select coverage within 60 days of birth, adoption or placement of adoption. Coverage will start on the date of birth, adoption or placement for adoption.

 

Loss of Other Coverage
You may initially have declined coverage for yourself or an eligible dependent because you or your eligible dependent had coverage under a prior employer’s plan, or because you or your eligible dependent had other health coverage (for example, coverage under a health plan of your spouse).

 

You can elect to enroll when this other coverage expires if:

 

• You or your eligible dependent lose eligibility for such other coverage (for example, you exhaust prior plan coverage, or your spouse changes to part-time employment and is no longer eligible under his/her employer’s plan) other than as a result of a failure to pay premiums or a loss of coverage for cause.
  
  
• All employer contributions toward such coverage have stopped. You can enroll within 31 days after the loss of other coverage and coverage will start on the day after loss of coverage. If you do not enroll yourself or an eligible dependent within such 31-day period, you cannot enroll until the next Annual Enrollment period.

 

Eligibility or Loss of Eligibility Under Medicaid or a State’s Children’s Health Insurance Program

If you, your spouse or your dependent becomes eligible for state premium assistance under a group health plan from Medicaid or a state children’s health program, you have the right to drop your Farm Credit Foundations medical coverage or drop a dependent without waiting for the next Annual Enrollment period. You must submit a status change form within 60 days after becoming eligible under Medicaid or the state’s program.

 

If you, your spouse or you dependent(s) lose eligibility under Medicaid or a state children’s health insurance program, you have the right to enroll for medical coverage under the Farm Credit Foundations group medical plan without waiting for the next Annual

Enrollment period. You must submit a status change form within 60 days of the loss of other coverage.