Leaving Jabil?

Medical and Prescription Drug, Dental, Vision

• COBRA. Enroll for continuation of coverage for your health care benefits within 60 days from the date coverage ends or the date the written COBRA notice is sent to you — whichever is later.

  COBRA coverage begins after bswift receives your election and first payment. You must make your first payment within 45 days of your election date. You pay the full insurance premium, plus a 2% administrative fee. Make sure to keep your current ID cards until you receive new ones for your COBRA plans.

  If you elect COBRA and you’re 65 or older, consider also enrolling in Medicare. Once eligible, Medicare is the primary payer of benefits and other plans will pay benefits assuming you’re also receiving Medicare benefits, even if you are not. Also note, COBRA is not considered creditable coverage for Medicare.

• Health Insurance Marketplace. If you lose Jabil coverage before age 65, you can buy a plan through the Health Insurance Marketplace, but this may give you a break in coverage. COBRA allows for coverage immediately.

  If you enroll in COBRA and later decide to drop COBRA coverage, there is no “qualified event” through the Marketplace, which may limit when you can elect Marketplace coverage and affect your ability to get premium tax credits or other savings.

• Medicare. You’re eligible for Medicare when you reach age 65. But if you don’t enroll when you’re first eligible because you’re still employed, you generally have 8 months from when your employer coverage ends to sign up.

  Call Health Advocate at 866.695.8622, email answers@HealthAdvocate.com or review Medicare guidance through Health Advocate to learn more. A Health Advocate expert can explain the various parts of Medicare and give you an overview of your options. You can also review the Medicare & You Guidebook for more information.

  Note: COBRA coverage is not considered creditable coverage for Medicare. This means if you enroll in COBRA instead of Medicare and later enroll in Medicare after your special enrollment period, your enrollment may be delayed and you may have to pay a late enrollment penalty for the entire time you maintain Medicare coverage.

Health Savings Account (HSA)

If you continue Healthy Plus with HSA coverage through COBRA, you can still contribute to your HSA (including catch-up contributions if you are age 55 to 65), up to IRS limits. Jabil will no longer contribute to your HSA. If you have any existing HSA balance, keep your debit card — you won’t receive a new one.

If you enroll in Medicare, you can use your existing account balance to pay for eligible expenses, but you can’t contribute.

Health Reimbursement Account (HRA)

Jabil does not make any additional contributions to your HRA after you leave the company, unless you continue coverage under COBRA.

If you continue Healthy Premier with HRA coverage through COBRA, HRA dollars will be applied to any remaining balance in the HRA as you incur medical claims until all funds are used.

Healthcare and Limited Purpose Healthcare FSAs

If you continue through COBRA, you can only participate through the end of the current year and you make contributions on an after-tax basis, not pre-tax. Note: Your FSA debit card is deactivated when you leave Jabil. It will be reactivated when you elect and begin making your FSA contributions through COBRA. You can also file a claim for reimbursement of eligible expenses.

Life and Accidental Death and Dismemberment (AD&D)

You can:

• Convert your Basic Life & AD&D Insurance policy to an individual whole life policy through MetLife within 31 days of leaving Jabil. Your rates may be higher than the group rate Jabil pays on your behalf.
• Continue your Supplemental Life Insurance by electing the portability option through MetLife within 31 days of leaving Jabil. Your rates may be higher than the group rate you pay now.

Voluntary Policies

Contact the policy carriers about converting to individual policies and any required deadlines. Voluntary Policies include Critical Illness Insurance, Accident Insurance, Hospital Insurance, Pet Insurance, Identity Theft Protection or Legal Services.

401(k)

The options you have for your 401(k) depend on how much you have in your account.

If $5,000 or less, you can:

• Roll your balance into an Individual Retirement Account (IRA) or another qualified plan within 60 days to avoid paying current taxes.

  OR

• Take the distribution and pay taxes. Distributions paid directly to you may be subject to mandatory 20% tax withholding, even if you plan to roll the balance over within 60 days. And if you’re under age 59 ½ you may be subject to a 10% early withdrawal penalty.

If more than $5,000, you can:

• Leave it in the plan and continue to make investment choices.

  OR

• Roll it into an IRA or another qualified plan.

  OR

• Take the distribution and pay taxes. Distributions paid directly to you may be subject to mandatory 20% tax withholding, even if you plan to roll the balance over within 60 days. And if you’re under age 59 ½ you may be subject to a 10% early withdrawal penalty.

   

For 401(k) account information (including current loans) or to request a distribution, contact Merrill at 800.228.4015.

Employee Stock Purchase Plan (ESPP)

Your personal UBS Financial account is still yours when you leave Jabil. You may continue to sell or transfer shares at any time, but you’re responsible for paying any fees associated with your account.

Good to Know

• Paid Time Off (PTO). Any PTO you have left will be paid out in your final paycheck. If you have questions about your final pay or PTO, contact your local HR representative.
• Social Security. You may start receiving Social Security benefits as early as age 62 or as late as age 70. Visit Social Security to estimate your Social Security retirement benefits and learn how to apply.