...
Consider other individual coverage. There are other options available to you and your dependents in addition to SPU’s COBRA continuation coverage. These could be through the Health Insurance Marketplace, Medicaid, or other group health plan coverage options (such as a spouse’s plan) by taking advantage of what is called a “special enrollment period.” Some of these options may cost less than COBRA continuation coverage. You can learn more about many of these options at www.healthcare.gov.
Health Savings Account (HSA)
If you have been enrolled in the HDHP/HSA (high deductible health plan/health savings account), your departure from SPU, there will be several changes to your HSA account.
- First – The bank will set up a new account for you, transfer your HSA balances into this new account, and issue you a new debit card. This new debit card (and information included with it) will provide you with a new toll-free customer support number.
- Second – You should not make additional contributions to your HSA until you establish coverage under a new HSA-qualified medical plan (or continue coverage with your former employer's HSA-qualified medical plan under COBRA, if applicable).
- Third – Any account fees that had previously been paid by SPU will become your responsibility, and you will be responsible for a monthly fee, as well as a debit card issuance fee, as disclosed in your HSA bank enrollment package. These fees will be deducted from your HSA balance as incurred.
You will continue to have access to your HSA balance, and can continue to maintain your HSA under your new account. If you establish coverage under a different employer plan that also features an HSA, you can request that your HSA balances be rolled over into the newly-established HSA. Request the form by calling Customer Support at the number on the back of your debit card.
Health Reimbursement Account (HRA)
If you were enrolled in the HDHP/HRA, your HRA funds will be forfeited back to SPU at the end of the month in which you separate from service with SPU.