If you were
unable to attend an open enrollment meeting, open enrollment ends today,
December 10, 2014. If you desire
coverage and were unable to meet this deadline, the HR Team will request an
extension through December, 15, 2014, however, we cannot guarantee the
insurance companies will accept enrollments beyond the deadline.
If you previously declined
the voluntary benefits and would like to enroll, you may do so during this
period. If you do not make your
elections during this period, you will not have benefit coverage for the
upcoming year beginning on January 1, 2015 for medical insurance. If you currently have dental, vision,
Allstate life and/or short term disability, Legal Shield, or 401(k) these plans
will continue unless a change is made.
The Federal
Exchange Open Enrollment period ends December 15, 2014. Open Enrollment is a once a year opportunity to evaluate your health care needs and decide which plans best meet the needs of you and your family. Please review the information to learn more about the benefits available to you in 2015 and how to comply with the requirements of Health Care Reform.
Part Time employees may enroll in the Allstate Life and/or
Short-Term Disability.
To learn more
about your benefits, please watch the short educational videos (also posted on
The Pipeline):
Medical,
Dental, Vision, Life and Short Term Disability: https://www.youtube.com/watch?v=yyPJb_6KmfU
(Enrollment may be completed via the
Ascensus website, https://myaccount.ascensus.com/rplink
Health Care Reform
Ricker’s will comply with
all Affordable Care Act (ACA) requirements.
This year, there are minimal Health Care Reform regulations for
employers; however, you as an individual, need to comply with the individual mandate, which requires you to
have health care coverage or pay a penalty.
Individual
Requirements
If you are a full-time
team member electing the medical plan during Open Enrollment, there is nothing
you need to do and you will satisfy the individual mandate. You will not be
subject to any penalties by remaining enrolled in our plan.
If you do not
currently have coverage, you may want to consider enrolling for benefits
through Ricker’s during Open
Enrollment. If you do not elect Ricker’s
coverage, you can enroll for coverage through your spouse’s plan or the Federal
exchange. If you do not have coverage,
you will be subject to the ACA penalty. The penalty is based on a percentage of
your household income, as shown below:
2014
|
2015
|
2016
|
After 2016
|
|
Income Based Penalty
|
1% of household income
|
2% of household income
|
2.5% of household income
|
2.5% of household income
|
Minimum Penalty Amount
|
$95
|
$325
|
$695
|
$695 + inflation adjustment
|
Note: It’s important to remember that if you
do not have medical coverage, you will pay the penalty AND be responsible for
100% of the cost of medical care.
Employer
Requirements
Under the ACA, employers
must offer full-time employees a medical plan option that meets requirements of
minimum essential plan medical care plan and affordable as defined by the ACA.
An “affordable” plan means that a company must not charge more than 9.56% of
your W-2 wages and must cover 60% of the total cost of health care benefits of
the plan. The Ricker’s medical plan meets these requirements. Because the
Ricker’s medical plan meet the ACA standards of affordability, you will not
be eligible for a subsidy if you choose to receive coverage in a public
marketplace.
Key Solution
Minimum Value Plan
To enroll in the MV Plan,
the KeySolution and the TransAmerica
enrollment forms must be completed and returned no later than December 10,
2014.
Other Available Benefits
- See attached Summary Plan Descriptions for details.
- Humana Dental Insurance - If enrolling, designation must be selected - Preferred or Preventative
- Humana Vision Insurance
- Allstate Life and Short-Term Disability
- Ascensus 401(k)
Profit Sharing Plan
- Legal Shield
