Summer is the traditional wedding season and is also the peak time for births. If your life changed this summer, chances are your benefits need to change too.
Marriage, divorce, birth or adoption, or your spouse’s employment changes are events the Internal Revenue Service (IRS) considers “qualifying” events. Qualifying events are the only time you can change certain benefits outside of annual enrollment. You have 31 days from the date of a qualifying event to make benefits changes by going online or calling Your Benefits Resources to make allowed changes.
The Rules
The IRS restricts when you can change your benefits for one reason — taxes. Your contributions for medical, dental, vision and flexible spending account benefits elected during annual enrollment are deducted from your paycheck on a before-tax basis. In other words, you do not pay income tax on this money. In exchange for this tax-favored arrangement, the IRS requires BMC to follow the qualifying event rules. So when a representative of Your Benefits Resources or the Benefits Team tells you that you cannot change coverage outside of annual enrollment unless you experienced a life status change, they are protecting the tax-favored status of the BMC benefits plan for all employees.
To learn more about qualifying life events, read the details in the Benefits Guide or watch the overview video. To change your benefits following a life event, log in to the My BMC Compensation & Benefits website and select Your Benefits Resources. Select the Change Your Coverage icon, then Life Event from the Family Changes drop-down menu, and follow the prompts.
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Go online anytime or call 877-262-4849. Representatives are available from Monday through Friday, 8 a.m. to 9 p.m., Eastern time.
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