When you're about to begin administering a new TRA, there are some steps to complete before benefits begin for employees, as well as monthly tasks both you and your employees will need to complete after benefits are active. This guide can help you stay on track to ensure a smooth onboarding period.
Before your TRA is active for employees
60 days before effective date
- You should complete and return your TRA Plan Design Guide to Blue Cross and Blue Shield of Vermont for processing at least 60 days prior to the plan effective date. The Plan Design Guide is the application Blue Cross and Blue Shield of Vermont needs to set up the plan.
45 days before effective date
- You should complete member enrollment. 45 days is our recommended time to allow participants to log in and make their benefit elections prior to the election deadline.
24 hours after enrollment is completed
- Employees can begin registering at www.bcbsvt.com/mymoney to manage their benefit elections online.
The month before the TRA is active
By the 4th of the month
- Participants must make their monthly elections for the next month (by 11:59 EST or 10:59 CST). There is an option for recurring monthly elections so members won't have to manually choose elections every month.
By the 7th of the month
- The TRA Deduction Report for the upcoming benefit month is available under the Reports tab of the group portal. This report notifies you what should be deducted from payroll based on the member's monthly elections.
The week following the 7th of the month
- You will be invoiced for the monthly TRA elections according to the regular claim billing cycle. This report is included with the Claim Reimbursement Invoices under the Reports tab of the group portal.
The 1st of the benefit month
- Employees may begin to use their TRA benefits. Please note that some transit benefits require the participant to obtain and register a card from the specific transit vendor prior to use. Those employees will receive a notification of that when they make their elections.
- You should start payroll deductions with the regular payroll schedule. Monthly payroll deduction amounts should equal the amount listed on the TRA Deduction Report.