Does WF continue to subsidize medical coverage during severance period?
8 replies (most recent on top)
I want to correct one comment. Yes, you can contribute to a HSA while on severance, from the actual severance payout, as long as the the medical plan qualifies you to have an HSA. You can even earn Rally dollars and have them added to your HSA. My severance started February 2024. At the end of your working period you will get a benefit selection form that makes it very easy to figure out which benefits you can receive while on severance, if you chose to do so.
Yes, you should not contribute to your 401k anyway. Make and IRA contribution your severance year. Yes it's less but you are not getting the matching anyway. HSA you cant contribute from pay but you can contribute yourself by April 15th the next year as always.
i am responding to give a heads up to anyone over 65 who gets a severance package and need to apply for medicare. you need to apply within 8 months of the end of your working notice not the end of your severance period to avoid medicare penalties. i know this is a niche group but i almost got caught since i thought i could apply toward the end of my one year severance. i literally found this out days before the 8 month clock would have run out and fortunately just submitted an application to medicare.
it is for those 60 day but I also think it matters which day of the month - you're insured up until the last day of the month your severance runs out
@jgm+1uYAypI9 only if you come back to WF as contractor does severance pay/insurance end.
If you take the payments it continues for the severance period. If you take lump sum it ends when the 60 day non-working period is up
Yes.. but if you take another Job - they'll pay you out and you lose insurance
You receive health insurance. You can’t contribute to your 401k or HSA.