Page 18 - Virgin Galactic Sample Guide

Virgin Galatic & The Spaceship Company plans are partially The Affordable Care Act (ACA) requires
arranged by Virgin Galatic & The Spaceship Company and applicable large employers to make
governed by it’s plan rules and documents. ERISA and affordable coverage available to their
various other state and federal laws require that employers employees or risk paying a penalty. Although
provide disclosure and annual notices to their plan the individual mandate is no longer effective
participants. Virgin Galatic & The Spaceship Company beginning January 1, 2019, it is important
distributes annual notices to new-hires, and each year that you understand your options for health
during open enrollment. You may also request a copy by insurance coverage. You may consider these
contacting the Human Resources Department, or download options below:
a copy from Ease. • Enroll in a medical plan offered by Virgin
Galatic & The Spaceship Company or
The following are a list of Annual Notices: another group plan
• Medicare Part D Notice of Creditable Coverage: Plans • Purchase coverage through a health
are required to provide each covered participant and insurance marketplace
dependent a Certificate of Creditable Coverage to qualify • Enroll in coverage through a government
for enrollment in Medicare Part D prescription drug -sponsored program if eligible
coverage when qualified without a penalty.
• HIPAA Notice of Privacy Practices: This notice is Because Virgin Galatic & The Spaceship
intended to inform employees of the privacy practices Company’s medical plans are considered
followed by Virgin Galatic & The Spaceship Company’s affordable and meet minimum value under
group health plan. It also explains the federal privacy the Affordable Care Act, you will not
rights afforded to you and the members of your family generally see lower premiums or out-of-
as plan participants covered under a group plan. pocket costs through the marketplace. In
• Women's Health and Cancer Rights Act (WHCRA): This addition, employer contributions to your
act contains important protections for breast cancer medical benefits will be lost if you choose to
patients who choose breast reconstruction with a purchase coverage through the marketplace,
mastectomy. and your portion of medical premiums will
• Newborns’ and Mothers’ Health Protection Act: This no longer be paid via payroll deductions on a
act affects the amount of time a mother and her
newborn child are covered for a hospital stay following
childbirth.
• Special Enrollment Rights: Plan participants are For More Information
entitled to certain special enrollment rights outside of Go to www.healthcare.gov.
Virgin Galatic & The Spaceship Company’s open
enrollment period. This notice provides information on
special enrollment periods for loss of prior coverage or
the addition of a new dependent.
• Medicaid & Children’s Health Insurance Program:
Some states offer premium assistance programs for
those who are eligible for health coverage from their
employers, but are unable to afford the premiums. This
notice provides information on how to determine if your
state offers a premium assistance program.
• Summary of Benefits and Coverage (SBC): Health
insurance issuers and group health plans are required to
provide you with an easy-to-understand summary about
your health plan’s benefits and coverage.