{ "media_type": "text", "post_content": "My wife got laid off by her employer a couple weeks ago but her severance package is for 3 months. It would be as if she was still employed until May. Should I report this as a life event now or wait?", "post_id": "5e6bb3ecf78e9c001a408955", "reply_count": 11, "vote_count": 2, "bowl_id": "58f0df008ad7250010f8c590", "bowl_name": "Compensation" }

My wife got laid off by her employer a couple weeks ago but her severance package is for 3 months. It would be as if she was still employed until May. Should I report this as a life event now or wait?

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Pay is not the same as insurance. If she doesn’t have insurance, then it’s a life event.

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She keeps her insurance until May as well.

She is not employed any more. The pay she gets now (severance) is considered as salary continuance. She should be covered by insurance through the severance term. Loss of coverage due to termination of employment (of spouse) is considered a life event and you can enrol her under your insurance when her insurance coverage lapses.

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This is what I figured as well. I will double check with ACC HR though. Thanks!

This is also an interesting scenario since I thought most severance packages were a lump sum payout right away with a formal termination letter.

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Let’s clarify the phrasing: “it would be as if she was still employment until May” - so you mean purely from a compensation perspective? Did she get a termination later or effective date for the end of her employment? If so that is your qualifying life event date, and typically “Dependent loses coverage elsewhere” is a QLE. Check with your wife, then with your HR team.

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Not sure if it qualifies as a life event if according to her own HR payroll system she is getting paid until May. I need to move her under my insurance benefits eventually.

Accenture HR would be a better source I believe.

SC1 she didn’t get a termination letter immediately but she says she is expecting one. I will maybe see if that spells out the details better

Usually employers allow 30 days from the qualifying date to report so hopefully you’re in that window still!

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based on end date in exit paperwork

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