I’m about to give my 2 weeks notice soon. Does anyone know, does IBM terminate the medical benefits on my exact last day or is it the last day of the month. So if my last day is May 6, do my medical benefits end on May 6 or on May 31?
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COBRA is your friend. Research it. Ask HR/benefits for the forms. I've used it on one job transition.
The quick summary is you have 60-90 days to sign up which would include retroactive coverage.
So you can leave (or be RA'd) and if you find another job within the period (check with IBM) you'll be covered but won't have to pay UNLESS something happens in which case you pay for just that month or two and then transition to new coverage.
So if switching jobs it's a nice safety net.
There are also other ways to leverage it. In our case we were on high deductible HSA - and on the day I was sacked - my wife was free (met individual dedutible).
Well if I'd just switched all of us to IBM - my wife would have re-started at zero towards deductible (new insurance ; new balances).
So I transitioned myself and my sons to the IBM plan but left my wife on COBRA until the end of the year so she's stay free. And then transition. That's all part of the election process if you get to it (or choose to get to it for a reason such as this.)
The only factor is you pay FULL price for the insurance (think about double your premiums). But for my wife - 6 months of COBRA was still less than re-starting her deductible from zero.
Short summary
- - in US you're covered by COBRA and may or may not need/want to elect
- - if you elect (for any/all) it's retroactive
- - so nice grace period
- - if you're on HSA or have met deductibles - consider leaving that person on COBRA till years end.
I am not in HR and am assuming you live in the USA. I am an active IBM employee who has seen this question asked/answered many times on the USBENEFITS slack channel (feel free to join it and search if you are really an active IBMer).
The answer is: You medical/dental/vision benefits END at the END OF THE PAY PERIOD (since that is when the premiums you have paid end). In the US, we get paid on the 15th and last day of the month...so:
- If you leave on MAY 6 (or any day May 1 to May 15), your benefits END ON MAY 15.
- If you leave on MAY 16 or later in May, your benefits END ON MAY 31.
Unless you are in California, you will NOT be paid for any untaken 2022 Personal Choice Holidays. Vacation time will be calculated (ie: how much you have accrued for 2022 - how much you have taken in 2022)...If the number is positive, IBM will pay that out those vacation days (make sure you and First Line Manager agree on the vacation taken part before giving notice). If the number is negative, YOU OWE IBM for those days and it will be taken out of anything IBM pays you.
If you are 60 or 62 and older and have worked for five years you will also be eligible for retirement which means you get the 100% match
They messed up on mine and didn't shut off the coverage. Then they tried to get me to pay back the premiums despite the fact I was not even aware I had been covered longer. The level of incompetence is unbelieveable.
Use sick days and fu-k them
Medical always goes to end of the month.
I will add that in your case you could use your PTO(I really couldn't since I was in middle of the 1st month). you should have at least 8+ days accrued by end of April. I would use all my personal holidays and PTO you earned.
So you can't use PTO since its accrued throughout the year. So normally, I could get roughly 2.5 PTO days per month as you work. Your personal holidays are not accrued so that means you can use them as soon as the next year starts. Also, I used all personal holidays before I left in January. Management was furious but nothing they can do.
stick it to them!!!
I’m the OP, thanks for the reply.
By any chance, did you use any PTO or holiday after you left in middle of January? Or is middle of Januarg the actual official last day of employment?
Anyway, I will call and ask HR next week after I officially give my notice. I just can’t call them yet cause I have not officially gave notice 😊
I left in middle of January and they covered me all the way to the end of February. They should cover you the current month you are currently in and the next one after.