Open Enrollment is right around the corner. Are you ready? Here are some “basics” to help you prepare.
Open Enrollment begins at 8 a.m. on Oct. 17, 2016, and ends at 11:59 p.m. on Oct. 31, 2016. Elections are effective Jan. 1–Dec. 31, 2017, unless you have a qualifying event.
So, what is Open Enrollment? Open Enrollment is your annual opportunity to update or choose the benefit options that best meet your and your family’s needs. During Open Enrollment you can use My VU Benefits to elect, make changes to, or waive:
- Health, dental and vision insurance;
- Accidental death & dismemberment (AD&D) insurance;
- Health care flexible spending accounts (FSAs), which reimburse medical expenses for you and your dependents; and
- Dependent day care FSAs, which reimburse day care service expenses for your dependents.
Fully benefits-eligible employees can make changes to other benefit programs anytime, including during Open Enrollment. These include:
- Supplemental life insurance (through My VU Benefits);
- Long-term disability insurance (through My VU Benefits);
- Short-term disability insurance (staff only, through My VU Benefits);
- Retirement plan contributions and investments (through Fidelity NetBenefits®); and
- Discounted pet, auto and home insurance, directly through the providers.
Partially benefits-eligible employees can elect or make changes to:
- Health plan coverage for 2017, during Open Enrollment (through My VU Benefits);
- Retirement plan contributions and investments, anytime (through NetBenefits); and
- Discounted pet, auto and home insurance anytime through the providers.
Even if you don’t plan to make changes, you should log in to My VU Benefits to:
- Make sure your dependent and beneficiary information is up-to-date, correct and complete;
- Confirm your current elections; and
- Attest to whether or not you and your covered family members use tobacco. You’ll save $20 per month on premiums if you’re committed to being tobacco-free.
After the plan year starts, you can only make coverage changes if you have a qualifying life event. Consider your choices carefully; changes and corrections cannot happen except within the enrollment period or within 30 days of a qualifying event (like getting married or having a baby).
Employees who cover their family members should keep the following things in mind when enrolling for benefits this year:
- If you carry coverage for your spouse who has access to health insurance through another employer—including Vanderbilt University Medical Center—you’ll pay a spousal fee of $100 per month.
- In 2017 same-sex domestic partners and their children will no longer be eligible for coverage under Vanderbilt benefit plans. Only spouses and natural, step- and adopted children will be eligible for benefit coverage, including the dependent tuition benefit and FMLA.
Get ready now!
You will need your VUnet ID and password to enroll. If you don’t remember your VUnetID or your password, visit it.vanderbilt.edu/accessvu. Verify that your address and contact information appear correctly in C2HR to ensure timely delivery of benefit plan information.
Look for more information in the coming weeks.