Tax Advantage Accounts
Life Events FAQs
Defined Benefit Plans
Residents of Wisconsin
Dependent children are eligible to remain on your plan,
regardless of student or marital status, until age 26. When your child turns
26, Farm Credit Foundations will remove them from your health and welfare benefit plans, as they
are no longer eligible for coverage. Their coverage will cease at the end of
the month they turn 26.
You will not need to submit a life event declaration form.
Farm Credit Foundations will provide an email notification regarding your
dependent’s eligibility (see exception below for Dependent Life Insurance).
When your dependent is removed from your benefits, Farm
Credit Foundations will send you a continuation of benefits packet. The packet
provides information about continuing medical, dental and/or vision coverage at
full cost for up to 36 months. Your dependent has 60 days to elect and pay for
When your dependent is removed from your health and welfare benefit plans,
Farm Credit Foundations will not drop all of your Dependent Life Insurance coverage
as you may have other dependents covered. If
you do not have other dependents to be covered, you should contact Minnesota Life
to drop the plan.
Unmarried children age 26 and older who are physically or
mentally challenged and depend on you for support are eligible to remain on
your Farm Credit Foundations benefit plans. The child must be incapable of
self-sustaining employment because of a physical or mental disability.
Marketplace offers “one-stop shopping” to find and compare private health
insurance options that may cost less than continuation coverage. In the Marketplace, you could be eligible for a new kind of
tax credit that lowers your monthly premiums and cost-sharing reductions
(amounts that lower your out-of-pocket costs for deductibles, coinsurance, and
copayments) right away, and you can see what your premium, deductibles, and
out-of-pocket costs will be before you make a decision to enroll. Through
the Marketplace you’ll also learn if you qualify for free or low-cost coverage
from Medicaid or the Children’s Health Insurance Program (CHIP). You can
access the Marketplace for your state at www.HealthCare.gov.
can I enroll in Marketplace coverage?
always have 60 days from the time you lose coverage to enroll in the
Marketplace. That is because losing your coverage is a “special
enrollment” event. After 60 days your special enrollment period will end
and you may not be able to enroll, so you should take action right
away. In addition, during what is called an “open enrollment” period,
anyone can enroll in Marketplace coverage.