BENEFIT INFORMATION
?
CHOOSING YOUR BENEFITS
WHY DO I PAY FOR BENEFITS WITH BEFORE-TAX MONEY? 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.
Your portion of the cost of benefits 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, H.S.A and 403(b) contributions
• AFTER YOUR TAXES ARE CALCULATED – Life, Disability and Voluntary Benefits
MAKING CHANGES
Generally, you can only change your benefit choices during the annual benefits enrollment period. However, under certain circumstances you may be allowed to make changes to your benefit elections if you or your eligible dependents experience a qualifying life event. An eligible event is determined by the Internal Revenue Service (IRS) Code, Section 125. Examples of Qualifying Events:
• 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 your child’s eligibility for benefits • Receiving Qualified Medical Child Support Order (QMCSO)
You must enter a life event via www.mybensite.com/amikids and notify AMIkids Benefits Department, in writing, within 30 days of the qualifying event. At this time you will also be required to provide appropriate documentation.
WHEN COVERAGE ENDS Medical, Dental and/or Vision coverage will end on the last day of the month in which employment with the company ends, you or a covered dependent no longer meet the eligibility requirements, the plan ends, and/or failure to make required contributions outside payroll deductions (ex: on leave of absences).
2
Made with FlippingBook - Online Brochure Maker