Changing Your Benefits

The coverage you elect during Open Enrollment will be effective January 1 through December 31.

• Open Enrollment

  Any enrollments or changes made during Open Enrollment will become effective January 1st of the following year.

  The IRS requires all health savings account and flexible spending account participants to re-enroll in these plans every year. If you wish to continue these plan(s), be sure to make your elections by the deadline.

  Review your benefits enrollment summary in Oracle for accuracy. It is your responsibility to notify Your Benefits Team regarding any errors.

• Qualifying Life Events

  Qualifying life events (QLE) must be reported to Your Benefits Team within 30 days of the event. Examples of qualifying status change include the following:

  • Birth or adoption/placement for adoption of a child;
  • Death of a dependent;
  • Change in marital status;
  • Change in SCHIP/Medicaid/Medical Assistance coverage;
  • Change/loss of other coverage, such as coverage under a spouse’s employment;
  • Change in Medicare eligibility
  • Change in a child’s dependent status

  Employees email benefits@gmhec.org regarding Qualifying Life Events or Log a Qualifying Life Event in Oracle by navigating to Benefits.

• Health Savings Account Contribution Change

  If you are eligible for an HSA Account (by electing the Silver or Bronze HDHP medical option), you will receive a Welcome Kit at your home address with registration information. We partner with HealthEquity to administer our employees’ Health Savings Accounts.

  • The IRS sets the annual dollar maximum that can be made to an HSA. Coverage of two or more people is considered family coverage. People who are age 55 or older can make additional catch-up contributions. You may change your bi-weekly contributions, up to the IRS limits (which change annually), at any time throughout the year by emailing benefits@gmhec.org.
• Beneficiary Change

  Naming a beneficiary for your life insurance, retirement savings, and Health Savings Account determines who will receive your policy benefits if you were to pass away. You can change your beneficiary designations at any time. Below are links to instructions to change your beneficiaries.

  • Retirement Savings – TIAA
  • Life Insurance – Oracle
  • Health Savings Account – Health Equity

  Contact Your Benefits Team at Green Mountain Higher Education Consortium if you have questions about your benefits enrollment or changes.
  Phone: 802-443-5485
  Email: benefits@gmhec.org