Medical, dental, vision, life insurance and flexible spending account benefits will be extended through the end of the last month of employment in which the employee meets eligibility requirements for benefits at Seattle Pacific University.
The continuation of the above listed benefits ends on the first day of the month following the employee's termination date. At that time, the employee and any covered dependents are eligible to participate, at their own cost, in medical, dental and flexible spending account COBRA as outlined in the COBRA section.
Life insurance coverage may be ported (continued) or converted to an individual policy within the first 31 days following the date of employee's termination. In some cases, you may also be able to convert other additional voluntary benefits. Premium rates and benefit levels for converted life insurance plans or medical insurance will not necessarily remain identical to the University's group insurance plans. Conversion policy premium rates and benefit levels are set at the discretion of the insurance vendors.
Other health insurance plans may also become available based on the date of plan termination. In most cases, losing eligibility for group-based plans opens a 30 day window for entry into another group plan you may be eligible for (such as through a spouse), joining Medicare coverage through a Special Enrollment Period (SEP) if you are eligible for Medicare, or individual/family plans through the Washington Health Insurance exchange (see www.wahealthplanfinder.org).
Continuation of Benefits through COBRA
Through the Consolidated Omnibus Budget Reconciliation Act (COBRA), employees are given the option of continuing participation in a group medical and/or dental plan at their own cost for a maximum period of 18 to 36 months (length of time dependent on the qualifying event) after the qualifying event. Qualifying events are:
The death of the covered employee.
The termination of the employee.
A reduction in the employee's hours, so that the employee or dependent is ineligible for coverage.
The divorce or legal separation of the covered employee and his or her spouse.
For spouses and eligible dependents, the employee's entitlement under Medicare.
A dependent child who marries or reaches the limiting age under the plan, thereby ceasing to be a "dependent" under the terms of the plan.
The employee must report a qualifying event to Seattle Pacific University within 15 days after the date the event occurs.
Please continue reading here for more detailed information including current rates.
COBRA is not available to those employees and/or dependents who are covered under another group health plan or eligible to receive Medicare benefits.
A retiring employee who would like to begin receiving benefits needs to contact the vendor (Transamerica, TIAA-CREF or Fidelity Investments) to complete the appropriate paperwork and schedule the benefit payments. Other details will be provided as part of the exit process.
Tuition scholarships for the employee and dependents may continue through the remainder of the quarter then in session, if resignation is effective after the tenth day of class.
Accrued vacation will be paid out after the last day of employment, provided proper notification is given. Any amount owed to the University, including final month benefits deductions (if any) may reduce the amount of any vacation payout.
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If you are preparing for retirement, please refer to the appropriate checklist that will help you moving forward.