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Leaving Marvell, Un-Enrolling, or Retiring

When you leave Marvell or unenroll in coverage due to a qualifying life event, your medical, dental, and vision benefits will continue until the end of the month.

Coverage Chart +

Once your coverage ends, you can continue coverage by enrolling in COBRA coverage and paying the full premium. See the chart below for a complete list of when the various plan coverages end.

Type of Coverage Coverage Ends
Medical - Anthem Blue Cross Last day of the month in which you terminate
Medical - Kaiser Permanente Last day of the month in which you terminate 
Dental - Delta Dental Last day of the month in which you terminate 
Vision - VSP Last day of the month in which you terminate 
Life and AD&D - Lincoln Financial Last day of the month in which you terminate
Short-Term Disability - Lincoln Financial Date of termination 
Long-Term Disability - Lincoln Financial Date of termination 
Group Legal Plan - LegalEase (LegalGUARD) Date of termination
Critical Illness; Voluntary Group Auto, Home, and Pet Insurance - MetLife Date of termination 
Flexible Spending Accounts (FSA) - Navia

Date of termination

  • Health Care/Limited Health Care FSA: You have 90 days from the date of termination to submit claims. Claims must be incurred prior to term date. 
  • Day Care FSA: You have until March 31 of the following year to submit claims. Claims can continue to be incurred through the calendar year of your term date.
Health Savings Account (HSA) - Health Equity No contributions will be made from your final paycheck; the funds and bank account remain yours
Commuter Benefits Plans Date of termination 
Lyra Health
Last day of the month in which you terminate  

 

 

Preparing for Retirement

Your golden years may be so close that you can practically see them on the horizon. But even if you’re still several years from retirement, it never hurts to start preparing for those days when you’ll be working less. Here are some actions you may want to start taking.

Making Sense of Medicare +

Turning 65 and becoming eligible for Medicare is an important milestone you need to prepare for. If you’re considering enrolling in Medicare, you’ll need to pay attention to Medicare requirements. You can review this information on Medicare.gov. You may also want to download and review the Medicare & You Handbook.

To apply, complete the Application for Enrollment in Medicare Part B (Form CMS 40B).

If you’re an active employee (or spouse) enrolled in Marvell’s medical insurance when you turn 65

  • Marvell’s medical plans for active employees and spouses qualify as a group health plan as defined by the IRS.
  • If you choose to enroll later than age 65, you may be able to delay enrollment in Part A (hospital insurance) and Part B (medical insurance) without incurring a lifetime late enrollment penalty.
  • Keep in mind that there are exceptions. Please check whether you’re eligible for premium-free Part A, which would require you to enroll when you’re first eligible.
  • Note: If you’re enrolled in Marvell’s Anthem HDHP with HSA and enrolled in Medicare Parts A and/or B, you may be ineligible to participate in Marvell’s HSA (both in making employee contributions and in receiving employer funding). Please contact a Medicare advisor for further clarification on the limitations of participating in an HSA.

If you’re an active employee (or spouse) enrolled in Marvell’s medical insurance and you’re 65 or over when you leave Marvell and lose Marvell’s medical insurance coverage

  • You have eight months to sign up for Part B without a penalty, whether or not you choose to enroll in Marvell’s medical insurance coverage through COBRA. 
  • COBRA does not qualify as a group health plan as defined by the IRS.  

If you’re a terminated employee (or spouse) enrolled in a Marvell medical plan through COBRA when you turn 65

  • COBRA does not qualify as a group health plan as defined by the IRS.  
  • To prevent incurring lifetime penalties and a gap in Medicare coverage, you’ll likely need to enroll in Part A and Part B when you’re first eligible.

Medicare Transition Services - Marvell's Medicare Educational Partner +

We know Medicare can be complicated and overwhelming. Marvell has partnered with Medicare Transition Services (MTS), making them a key resource to answer your Medicare questions. MTS offers honest, no-obligation guidance and the best part is it's free! MTS licensed agents can explain Medicare’s different parts, how they work, and help you find Medicare coverage that fits your health care needs and budget. 

Additional Resources: 

Watch our recorded webinar, Considering Medicare While Working, hosted by MTS: 

  • Watch the webinar here. Passcode: 5Bcr*k@9   

Do you have questions about Medicare? Contact Medicare Transition Services by calling 1-833-370-1272 (TTY: 711) Monday–Friday | 9 AM–6 PM ET or visit MedicareTransitionServices.com/marvell/.

 

Keep Saving +

You’ve likely been setting aside money for retirement for years. But if your retirement date is drawing near, now’s the time to really kick it into high gear. If you’re 50 or older, you can take advantage of catch-up contributions to stash away even more in your 401(k) Plan and Health Savings Account (HSA).

You can use the retirement calculator from Charles Schwab to calculate your target retirement income goal, get personalized recommendations on how much to save, and get investment fund suggestions based on your goals.

How Medicare Enrollment Affects Your HSA Participation

  • If you’re enrolled in any part of Medicare, you can no longer contribute to an HSA. Both your and Marvell’s contributions stop. You can continue using your HSA funds toward Medicare payments and other qualified out-of-pocket healthcare expenses.
  • If you’re enrolled in Marvell’s Anthem High Deductible Health Plan (HDHP) with HSA and you enroll in Medicare, you must contact Businessolver to notify them of your Medicare enrollment. You can remain enrolled in the HDHP, or because enrolling in Medicare is considered a qualifying event, you can change your medical plan provider. If you’re not enrolling in Medicare, no action is needed.

Put Together A Game Plan +

There are a lot of factors to consider related to coordinating your post-work life. Our EAP offers free financial service that can help you narrow down your to-do list and lay out a realistic retirement timeline.

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