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Administrator Guide
Last Updated: 2023-06-23
Steps: Set Up Fair Market Value for Health Care Plans

Steps: Set Up Fair Market Value for Health Care Plans

Under the Patient Protection and Affordable Care Act (ACA), dependents are eligible for health care coverage under their parent's plan, if:
  • They’re age 26 or under.
  • Aren't full-time students.
States might want to tax this benefit.
  1. Create an earning for the fair market value for the health care coverage.
    • For Workday Payroll, you must calculate the fair market value of dependent health care coverage.
    • For Payroll Interface, you must manage external payroll earnings.
  5. (Optional) For banded rates, enter the
    Fair Market Value per Dependent
    .
  7. Access these tasks:
    • Open Enrollment
    • Change Benefits
    • Passive Events
Dependents 26 years of age, or under, become eligible for health care coverage based on the eligibility rules and the health care plan setup.
Once enrollment is complete, this information is available to Workday Payroll and Payroll Interface.