What you need to know
If you leave Workday, your health benefits end on the last day of your last month as an employee. Most other plans, like life, disability, and spending accounts end on your last day of employment. But leaving Workday isn’t the end of the world (even though we’ll miss you a lot). And it doesn’t have to be the end of your benefits either. You have options for continuing or converting some plans.
Continuing health coverage under COBRA
COBRA is a much-cooler-sounding name for a bit of federal legislation called the Consolidated Omnibus Budget Reconciliation Act. Under COBRA, you and your covered dependents can pay to keep your health care benefits.
Here’s what you need to know about COBRA:
- WageWorks handles COBRA for Workday and eligible participants. You’ll enroll through WageWorks, and you should contact them with any COBRA questions.
- Your medical, dental, and vision coverage will end on the last day of the month you leave Workday (including any eligible fertility, surrogacy, and adoption expenses covered by Maven Wallet). If you or a family member is eligible for COBRA, you’ll receive an enrollment packet, with the necessary forms to make your COBRA elections or changes, directly from WageWorks about ten days after you leave.
- You have 60 days from your notification date or coverage end date to enroll in COBRA. You can continue coverage in the same medical, dental, and vision plans you were enrolled in as a Workmate. You can choose whether to continue coverage just for yourself, your dependents, or both.
- If you decide to enroll in COBRA coverage, you’ll pay monthly payments for the full premium, plus a 2% administration fee. See the rates.
- You can select different coverage levels for medical, dental, and vision based on your individual needs. For example:
- If one dependent is losing coverage, they can enroll in COBRA and will pay the individual rate.
- If you want to cover more than one dependent but not yourself, you can enroll them in COBRA and pay the individual plus child(ren) rate.
- COBRA coverage is generally available for up to 18 months, with additional extensions available under certain circumstances.
Go to market
Consider buying coverage through the health insurance marketplace instead of COBRA. You may find lower monthly premiums and out-of-pocket costs. Healthcare.gov can point you in the right direction.
Health Savings Account (HSA)
If you’re enrolled in the Cigna or Kaiser Smart Plan with a Health Savings Account, your HSA balance is yours to keep. Contact Fidelity for information about account fees that may apply after you’ve left Workday or to discuss closing or rolling your funds into a different plan.
Health Care Flexible Spending Account (FSA)
You may be eligible to continue your Health Care or Limited Purpose FSA benefits under COBRA through the end of the calendar year. You can’t get reimbursed for claims incurred after your last day at Workday unless you enroll in COBRA.
Employee Assistance Program (EAP)
If you enroll in COBRA medical coverage, your MyLifeCoach EAP benefits will continue for you and any dependents enrolled in COBRA. Otherwise, access to the EAP ends 90 days after your last day at Workday.
What happens to other benefits
Here’s what to expect for your other benefits when you say goodbye to Workday.
Dependent Care Flexible Spending Account (FSA)
Funds that you’ve contributed to your Dependent Care FSA can be used for eligible expenses incurred prior to your last day of employment with Workday. After that, you’ll lose whatever remains in the account. Contact WageWorks for more information about your available balance and the deadline to submit claims.
You’re immediately vested in all contributions to your Workday 401(k), but you have some choices about what to do with your funds when you leave Workday. Your options may also depend on how much is in your account.
- Keep it in the Workday plan at Fidelity. Additional fees may apply.
- Roll it over to another employer’s 401(k) plan or other qualified plan (e.g., an IRA).
- Take a distribution, which could have tax consequences or penalties.
Contact Fidelity for information about keeping, closing, or rolling over your 401(k) account.
Paid time off
Hourly employees receive payment for any unused paid time off (PTO) hours.
Note: Flexible time off (FTO) is unlimited, and we can’t pay you indefinitely. Since FTO doesn’t accrue, Workday doesn’t pay it out when you leave the company.
You can convert your life insurance coverage to an individual policy or port your current term coverage (that means take it with you). You must apply for the coverage within 30 days of your termination date. You’ll receive information about how to convert or port your life insurance from Unum after your employment with Workday ends.
If you’re enrolled in accident, hospital, critical illness, or long-term care insurance, you can convert these to individual policies within 30 days of your termination date. You’ll receive information from Unum on how to do that.
You have 30 days from your last day at Workday to convert your legal plan coverage to an individual policy. Contact MetLife’s Client Service Center at (800) 821-6400 for more information.
Family planning benefits
You have until the end of the month you leave Workday to submit claims for eligible fertility, surrogacy, and adoption expenses covered by Maven Wallet. You can’t claim expenses incurred after the last day of the month you leave Workday unless you enroll in COBRA.
Contact HealthEquity for information on your specific type of commuter order.
College savings and loan payment
Any LEAF contributions you’re making through Workday for a 529 plan or student loan repayment will end with your last regular paycheck.
Nationwide pet insurance
Contact Nationwide to convert your pet insurance coverage to an individual policy.