We wish you well in your future endeavors. Here’s what you need to know to transition and/or terminate your Intuit benefits.
You have 60 days from your COBRA notification date or coverage end date to enroll in COBRA. You have 31 days to elect and pay for life insurance continuation.
Medical, dental, vision
- You have 60 days from when your coverage with Intuit ends to enroll in COBRA. The enrollment choices that you made for the current fiscal year will determine what type of COBRA coverage you (and your dependents) will be eligible for. You pay for COBRA coverage on a monthly basis. Log into My Benefits to see how much COBRA coverage costs. (Use your Intuit directory username and password.)
- You may want to consider buying coverage through the Health Insurance Marketplace. You could qualify for lower costs on your monthly premiums and lower out-of-pocket costs. You can learn more about many of these options at healthcare.gov.
- Your medical, dental and vision insurance coverage will end at 11:59 p.m. on your last day of work. Before your last day, you’ll receive a Benefit Exit Explanation, which contains important information about your right to continue your health insurance through COBRA and how to enroll.
Flexible Spending Accounts
- You may be eligible to continue your Health Care Flexible Spending Account (FSA) benefits under COBRA through the end of the fiscal year. You can’t incur Health Care FSA costs after your last day of employment unless you enroll in COBRA.
- Your Dependent Care FSA will stop accruing money on your last day of employment. You’ll be able to use the accrued money in your account until the end of the fiscal year (July 31). After that date, you’ll lose whatever remains in the account. You can submit claims through October 31 for expenses incurred through the previous July 31.
Life and accident insurance
You have 60 days from your last day of employment to port or convert your life insurance coverage to an individual policy or port (take with you) up to $300,000 of your current term coverage. Information on how to port or convert your life insurance will be in your COBRA packet.
Savings and retirement
- If you have an automatic contribution on file or made an active election, that deferral amount will apply to eligible wages paid to you within 60 days after your separation from employment.
- The Intuit matching contributions will generally vest after two years of service from your date of hire.
- If you leave Intuit before two years of employment, you will not have access to the unvested portion of your Intuit matching contributions.
- You're always 100% vested in your own contributions.
- If you leave Intuit, you can do the following with your vested money:
- Leave it in the Intuit 401(k) Plan if your balance is at least $5,000.
- Roll it over to another employer's 401(k) plan or other qualified plan (e.g., Traditional or Roth IRA).
- Take a distribution (includes tax consequences and potential penalties).
Note: If you request a distribution (e.g., cash out or rollover) of your account, there will be a 21-day hold (from date of separation) before Empower can distribute your 401(k) funds.
Visit the Empower website to learn more.
ESPP
If you participate in the Employee Stock Purchase Plan (ESPP), any accumulated payroll deductions will be refunded to you.
You may also want to
- Submit your flexible spending account (FSA) receipts to get reimbursed for any out-of-pocket medical, dental or vision expenses that haven’t been reimbursed.
- You should try to submit your receipts by July 31, but you have until October 31 to submit receipts for expenses incurred in the previous fiscal year (August 1–July 31).
- Get a new pair of glasses/contacts before your last day of employment. The VSP plan is on a rolling 12-month calendar, which means that you and your enrolled dependents are eligible to use this benefit once every 12 months.
- Apply for unemployment benefits, if applicable. Find out how to apply by consulting with your local unemployment office.