Plan Your Departure
As you plan to end your employment with Commvault, be sure to review the following information to help ensure a smooth transition to the next stage of your personal and professional journey.
Exiting checklist
Discuss plans for your departure with your manager.
Make decisions about your ongoing benefits coverage. Coverage will terminate at midnight on the last day of the month in which employment ends. You will have the opportunity to elect to continue your coverage under COBRA. You will receive a COBRA package direct from WageWorks outlining your rights and COBRA election options.
Convert supplemental life insurance to individual policy (if desired). Contact the Benefits Team for more information.
Benefit options
- Medical, dental, and vision plans — In most cases, you have the option to continue your medical coverage through COBRA. You will pay the full premium cost of these plans, plus an administrative fee, without any subsidy from Commvault.
- Flexible Spending Accounts (FSA) — If you participate in an FSA, you can continue using your FSA(s) if you elect COBRA, which will allow you to continue spending any remaining balance in your account(s) at the time of your termination.
- Health Savings Account (HSA) — If you participate in an HSA, you will continue to own your account after you leave Commvault. You will not forfeit any unused balance, and you do not need to enroll in COBRA to access your HSA funds. However, your payroll contributions will end once your employment ends. If you wish, you may make after-tax contributions and then deduct them on your income tax return.
- Life Insurance — Contact the Benefits Team if you’d like to continue your life insurance coverage as an individual policy.
- MetLife Accident, Critical Illness, and Hospital Indemnity Insurance — Your coverage will end at the end of the month in which your employment ends. You will have the option to convert this coverage to an individual policy by contacting MetLife directly at 1-800-GET-MET 8.
- MetLife Home & Auto Insurance — This coverage will continue. You will be billed directly by MetLife once your employment ends.
- MetLife Legal Plan — Your coverage will end at the end of the month in which your employment is terminated. You will have the option to convert to individual policy by contacting MetLife directly at 1-800-821-6400.
In addition to the above options, if you participate in the 401(k) Plan, you can roll over your vested account balance into another qualified plan through a new employer or into an Individual Retirement Account (IRA). You have the option of leaving your account balance in the plan although your payroll contributions and Commvault’s matching contributions will end when your employment ends. Contact Fidelity to learn more.
Enrolling in Medicare
If you are eligible for Medicare, here’s some information to help you understand the benefits available to you and when to enroll.
Your Medicare benefits are divided into three parts:
PART A covers inpatient hospital services.
In addition to inpatient hospital services, Part A covers care in a skilled nursing facility (SNF) or hospice. Note that it does not cover outpatient Emergency Room visits. You're eligible to sign up for Part A during the seven-month Initial Enrollment Period (IEP), which begins three months before you turn 65 and continues until the last day of the third month after your 65th birthday. It is essential that you sign up during the IEP or you may have to pay a late enrollment penalty. For the majority of people who sign up on time, Part A is premium free.
PART B covers doctor visits and preventive care.
In addition to inpatient hospital services, Part A covers care in a skilled nursing facility (SNF) or hospice. There are specific timing requirements involved in signing up for Medicare Part B. If you delay past these specific enrollment timelines, you will pay a higher monthly premium. You can sign up for Part B within your first eligible IEP without paying higher monthly premiums. You also will have the opportunity to enroll in Part B during the eight-month Special Enrollment Period (SEP) after your Commvault Vaulter health benefits end without paying a late penalty.
PART D covers prescription drug costs through a private insurance plan approved by Medicare.
The Medicare Supplement medical plan offered to you provides coverage that can take the place of Medicare Part D. Keep in mind: If you don't enroll in Part D during the IEP or within exactly 63 days after your employer-provided drug benefits end, you will have to pay a penalty, and drug benefits may be delayed, causing you to have to pay retail cost for expensive prescriptions.
Visit www.medicare.gov for more information.