Open Enrollment runs from October 21 to November 8, 2024.
Your benefit elections for this Open Enrollment period will take effect on January 1, 2025. Run MYHR <GO> to access your current benefit elections and a list of covered dependents.
Prepare for Open Enrollment:
- Review the 2025 Benefit Plan Design Changes section of this website to learn about minor plan design changes which will take effect in late 2024 and January 1, 2025.
- Visit bloombergvb.com or VBEN <GO> to learn about the Bloomberg Voluntary Benefits Program options. Certain Voluntary Benefits may only be changed or enrolled in during Open Enrollment.
- Review the Open Enrollment FAQ and Glossary so you’re better prepared.
Open Enrollment: Make your annual elections
- Starting Monday, October 21, you can login to MYHR <GO> to complete your benefit elections. On your Home Page, there will be an “Open Enrollment Change” action waiting in your inbox. Click the action to start your Open Enrollment elections. If the action is not visible on your Home Page, click “Go to Inbox” and select the action from the “Actions” tab on the left side.
- Your 2024 medical/prescription, dental, and vision coverage will roll over to 2025. Your flexible spending account (FSA) elections WILL NOT automatically roll over to 2025.
- There is an annual $1,500 ($62.50 per paycheck) spousal contribution that applies to all employee spouses or domestic partners who are covered under the Bloomberg U.S. medical plan. The contribution will be deducted pre-tax from your paycheck if you cover a spouse. Due to IRS regulations, the contribution will continue to be deducted post-tax if you cover a domestic partner. There is no opportunity to waive the contribution.
- Elect a 2025 Healthcare and/or Dependent Care Flexible Spending Account (FSA) if you anticipate eligible expenses in 2025.
- As a reminder, if you have a balance remaining in your 2024 Healthcare or Dependent Care FSA, you have until March 15, 2025 to spend and until May 31, 2025 to claim your balance, so keep this in mind as you make your 2025 elections.
- Review your current election for the Long-Term Disability Plan.
- Review your current elections for Supplemental Employee Life, Spouse, and Child Life Insurance, along with beneficiary designations.
- Need help deciding how much life insurance is right for you? You can use Securian Financial’s online benefits decision tool, Benefit Scout® at www.LifeBenefits.com/Bloomberg. By answering a few simple questions about your family and finances, you can model and determine the coverage that meets your needs and budget.
- Submit your 2025 elections no later than November 8, 2024.
- Review and save a copy of your benefits confirmation statement, which is available on MYHR <GO>, and keep a record for yourself.
If you do not take action by November 8, 2024:
- Your 2024 benefit elections, with the exception of FSAs, will carry over to 2025.
- You will not be automatically enrolled in either a Healthcare FSA or Dependent Care FSA.
- Your 2024 elections for Voluntary Benefits will carry over into 2025.
After Open Enrollment concludes on November 8, 2024, you can only make changes to your elections if you experience a qualified family status change, such as the addition or loss of a dependent. If you have a qualified family status change, you typically have 30 days from the event to update your elections through MYHR <GO>.
If you have dependents, take these actions:
FIRST: If you continue to cover or newly choose to cover your spouse or domestic partner under the medical plan, you will pay an annual $1,500 ($62.50 per paycheck) contribution in 2025.
NEXT: Ensure that your dependents’ information is accurate.
To comply with the Affordable Care Act when preparing your 2024 tax filing, you must supply proof that you and your family members had health coverage in 2024. Bloomberg will provide you with acceptable documentation, via Form 1095C, to fulfill this requirement. 1095s will be sent to employees in early 2025.
Go to HR TERMS AND PROVISIONS <GO> to review the eligibility requirements for a legal spouse, domestic partner, and dependent children.
To make sure your dependents’ Social Security Numbers (if applicable) and dates of birth are accurate, run MYHR <GO>.
- To review:
- In MYHR <GO>, select the “My Personal Information” icon
- Click “Dependent” and review the information for your dependents
- If you need to make changes:
- In MYHR <GO>, select the “Benefits” icon
- Under “Change,” click “Dependents”
- Then, click “Edit” next to the dependent you are reviewing/editing
Remember: If you do not provide this information to us, the IRS may assess you a tax penalty at the time of your filing.
And mark your calendars for our 2024 Benefits Fairs. At the fairs, you will be able to speak to our vendor partners, including Anthem, CVS Caremark, Cigna and many more as well as pick up some fun swag (all fairs run from 10AM to 1PM):
- 919 Third Avenue: Monday, October 21, Flex Space 3rd Floor
- 731 Lexington: Wednesday, October 23, 28 MPR
- Princeton, Tuesday, October 29, Auditorium, 2nd Floor
- 120 Park, Wednesday, November 6, 22 MPR