BENEFIT INFORMATION
WHY DO I PAY FOR BENEFITS WITH BEFORE-TAX MONEY?
CHOOSING YOUR BENEFITS
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You must actively choose any benefit that you pay for, or share in the cost with JL Marine Systems. Your part of the cost is automatically taken out of your paycheck. There are two ways that the money can be taken out: • BEFORE YOUR TAXES ARE CALCULATED – medical, dental, vision and flexible spending accounts.
There is a definite advantage to paying for some benefits with before- tax money: Taking the money out before your taxes are calculated lowers the amount of your pay that is taxable. Therefore, you pay less in taxes.
• AFTER YOUR TAXES ARE CALCULATED – voluntary life and accidental death & dismemberment
Generally, you can only change your benefit choices during the annual benefits enrollment period. However, you may be able to change your benefit choices at anytime if you have a change in status including: • Your marriage • Your divorce or legal separation • Birth or adoption of an eligible child • Death of your spouse or covered child • Change in your spouse’s work status that affects his or her benefits • Change in your work status that affects your benefits • Change in residence or work site that affects your eligibility for coverage • Change in your child’s eligibility for benefits • Receiving Qualified Medical Child Support Order (QMCSO)
If you do not notify Human Resources within 30 days of a family status change,
you will have to wait until the next annual enrollment period to make benefit changes unless you have another family status change.
WHEN COVERAGE ENDS
Medical, Dental and Vision Coverage will stop on the last day of the month in which employment with the company ends. All other benefits terminate the day of termination.
COBRA – A Federal law that allows workers and dependents who lose their medical, dental, or vision coverage to continue any of these coverages for a specified length of time by electing and paying for continuation benefits. Coinsurance – The percentage of the medical or dental charge that you pay after the deductible has been met. Copayment – A flat fee that you pay for medical services, regardless of the actual amount charged by your doctor or another provider. This generally applies to physicians’ office visits and prescription drugs. Deductible – The amount you pay toward medical and dental expenses each calendar year before the plan begins paying benefits. Out of Pocket Maximum – The maximum amount you will pay in coinsurance during the calendar year
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