Enrollment and Eligibility
Eligibility
If you are a full-time employee working 30 hours or more per week, you are eligible for the benefit plans described in this guide, unless otherwise stated. Coverage starts on the 1st of the month following 30 days of continuous employment.
Eligible Dependents
Your dependents are eligible to participate in the Company’s benefit plans if they are in one of the following categories*:
- A spouse to whom you are legally married.
- Your domestic partner (if you have completed a Domestic Partner Affidavit). Please review the affidavit carefully because it includes important information about the guidelines for adding, ending or changing your domestic partnership. Any premiums for your domestic partner paid for by NFM Lending are taxable income and will be included on your W-2. Any premiums you pay for your domestic partner will be deducted on an after-tax basis. Contact your tax advisor about your domestic partner’s tax dependent status and advise NFM Lending if your domestic partner is a tax dependent.
- A dependent child (including your natural and adopted children, stepchildren, and domestic partner's children) under age 26. Coverage will terminate at the end of the month of the dependent’s 26th birthday. Coverage may be extended past the age of 26 for disabled dependents.
Coverage for eligible dependents generally begins on the same day your coverage is effective. Completed enrollment serves as a request for coverage and authorizes any payroll deductions necessary to pay for that coverage.
* Additional carrier conditions may apply.
Pre-Tax Benefits: Section 125
NFM Lending's benefit plans utilize Section 125. This enables you to elect to pay premiums for health, dental, vision and flexible spending account coverage on a pre-tax basis. When you use pre-tax dollars, you will reduce your taxable income and have fewer taxes taken out of your paycheck. Under Section 125, you can actually have more spendable income than if the same deductions were taken on an after-tax basis.
Pre-tax Note: When you pay for your dependent’s benefits on a pre-tax basis you are certifying that the dependent meets the IRS’ definition of a dependent. [IRC §§ 152, 21 (b)(1) and 105(b)]. Children/spouses that do not satisfy the IRS’ definition will result in a tax liability to you, such as changing that dependent’s election to a post-tax election, or receiving imputed income on your W-2 for the dependent’s coverage that should not have been taken on a pre-tax basis.
Benefit Changes
You may be permitted to change your elections for health coverage under the following circumstances:
- a court order requires that your child receive accident or health coverage under this plan or a former spouse/domestic partner’s plan;
- you, your spouse/domestic partner or dependent become entitled to Medicare or Medicaid;
- you have a Special Enrollment Right, defined in the Annual Notices that is not covered above;
- there is a significant change in the cost or coverage for you or your spouse/domestic partner attributable to your spouse/domestic partner’s employment.
For purposes of all other benefits under the plan, you will be deemed to have a life event status change if the change is on account of and consistent with a change in status, as determined by the plan administrator, in its discretion, under applicable law and the plan provisions.
If you have benefits related questions, contact Total Rewards at totalrewards@nfmlending.com or 443-451-3129.
If you Experience a Life Event Status Change
Contact Total Rewards if you experience a life event status change and need to add or drop dependents from your coverage.
You must update your elections within 31 days of your life event status change or you will not be able to make changes until the next annual Open Enrollment. When adding or removing dependents, you are required to submit specific documents to Total Rewards.