Leaving Regions and Benefits Continuation

Benefits

Upon leaving Regions, you will receive the Exit Package via U.S. mail. If you have not received it within 21 days, please feel free to call 1-877-562-8383. The Exit Package is always available from work or home on Documents & Forms > Miscellaneous > Exit Package.

The Exit Package will include a COBRA package if you were enrolled in the medical, health flexible spending account (FSA), dental and/or vision plans on your last day of employment. It also includes important information about your exiting benefits, retirement, 401(k) plan and insurance policies.

Frequently Asked Questions

What happens to my health, dental and vision insurance? When will my coverage end? 
If you were enrolled in the Regions medical, dental or vision plans as an active associate, you may elect to continue the same level of coverage under COBRA. Your current coverage will end on the last day of employment.

I am retiring from Regions, are COBRA and Retiree Coverage available to me?
Yes, if you were enrolled in the Regions Medical and/or Dental plans as an active associate, you may elect to continue the same level of coverage under COBRA. Your current coverage will end on the last day of employment. At the end of your COBRA contract, you will be eligible to enroll in the Retiree Medical and/or Dental Plans. You cannot have a break in coverage from Active to COBRA or COBRA to Retiree. To qualify for Regions Retiree Coverage, you must meet Regions’ Retirement Eligibility on your last day of employment. Go to the Retiree Eligibility page for more information. Retiree cost is calculated differently and the monthly premium for retiree coverage will be much higher than COBRA coverage. Retiree Medical and Dental Plans are optional benefit plans and there is no guarantee they will continue indefinitely.

What is COBRA?
Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) continuation coverage is a continuation of plan coverage when coverage would otherwise end because of a “qualifying event.” For associates, some examples of a qualifying event include the reduction of hours from full-time to part-time or when employment ends for any reason other than an associate’s gross misconduct. A COBRA package will automatically be mailed to you if your eligibility for the medical, dental and vision plans ends.

COBRA continuation applies only to current participants in the Regions medical, vision, health flexible spending account (FSA) and/or dental plans. You must submit your application to Corporate Benefits no later than the date indicated on your COBRA notice. If you elect coverage, it will begin retroactive to the date your active participation was discontinued. If you want to continue your coverage, we suggest that you immediately send your Election Form to Corporate Benefits.

What to Expect

  1. After your Election Form is processed, you will receive a COBRA bill via U.S. mail. Premiums are charged retroactive to your COBRA effective date. The first payment must be received within 45 days of the election date. Claims will not be processed until the first monthly premium is received by the COBRA Administrator and credited to your COBRA account. Subsequent payments must be made within 30 days of the due date or coverage will be terminated and cannot be reinstated.
  2. COBRA premiums for Regions BCBS Core and Advantage, Health FSA or dental coverage are to be made payable to Blue Cross and Blue Shield of Alabama. COBRA premiums for vision coverage should be made payable to Regions COBRA. The premium payment should be made upon receipt of a premium billing invoice from the administrator.
  3. If coverage is elected and no premiums are paid, coverage will be canceled retroactive to the last date of coverage for which payment was received.
  4. When COBRA applications are processed, you may receive new ID cards from Blue Cross Blue Shield of Alabama. If you do not receive new cards, you can continue to use your old cards.
  5. COBRA coverage may only be discontinued on the first of the month or upon proof of other coverage. In addition, premiums are payable in monthly increments, and no partial months will be permitted other than for the month in which you separate from Regions.

Once your COBRA coverage ends, you cannot reinstate it. Please note that COBRA premiums are subject to change.

How much are 2020 monthly COBRA rates?

BCBS Core Medical Coverage
$447.86 (individual)
$651.24 (individual + child[ren])
$953.55 (individual + spouse/domestic partner)
$1,155.08 (family)

BCBS Advantage Medical Coverage
$585.43 (individual)
$851.31 (individual + child[ren])
$1,246.47 (individual + spouse/domestic partner)
$1,509.93 (family)

BCBS Dental Coverage
$23.43 (individual)
$58.03 (individual + child[ren])
$45.75 (individual + spouse/domestic partner)
$85.92 (family)

VSP Vision Coverage
$8.84 (individual)
$13.26 (individual + child[ren])
$13.26 (individual + spouse/domestic partner)
$22.65 (family)

When do I receive proof of my loss of coverage?
Certificates of Creditable Coverage are no longer required due to the Affordable Care Act and the termination of pre-existing condition limitations. Therefore, these are no longer sent by BCBS or Regions.

You can print a Proof of Health Coverage Letter from your myBlueCross account or call BCBS Customer Service at 1-888-850-3276 if you cannot print one.

What about my life insurance? Can I keep my current policy?
Your life insurance coverage will end on your last day of employment. You have the option of continuing your Regions basic and/or optional group life insurance. You may continue to carry up to the same coverage level you currently have in force by converting to an individual policy. However, you should note that the premiums for this insurance will be higher when transferring off the Regions group insurance plan.

To continue your life insurance coverage: You must call UNUM at 1-866-220-8460 within 30 days of your active coverage ending.

To continue your AD&D coverage: Access the Zurich site at conversion.enrollzonline.com or call 1-800-834-1959 within 31 days of your active coverage ending to elect coverage. You will be required to provide the following information:

Employer Name: Regions Financial Corporation
Policy Number: GTU-4279171

What about my Group Legal? Can I keep my current policy?
You may convert your coverage to an individual policy after you terminate employment with Regions. To convert your coverage, please call ARAG at 1-800-247-4184 within 31 days of the termination of your coverage. ARAG Customer Care Specialists are available to assist you Monday through Friday from 8 a.m. to 8 p.m. EST.

I’m moving or changing addresses — who do I tell?
In the event you have relocated, please provide a current mailing address so that important payroll and benefits information (such as your W-2 for the current year’s wages) can continue to be provided to you. To update your mailing address, please provide — in writing — your name, Social Security number and former and present address to the following:

Regions Financial Corporation
Human Resources Operations
250 Riverchase Pkwy, 5th Floor
Hoover, AL 35244

To update your address for your Regions 401(k) account, call Mass Mutual at 1-800-701-8892.
If you have bank accounts with Regions, you should also provide your branch with any address changes.

What about my 401(k) plan? What are my options after I leave Regions? 
If you participated in the 401(k) plan, you may be eligible to leave your money in the plan.

If your account balance in the plan is greater than $1,000, you have the choice of leaving your money in the plan, rolling your money to another eligible retirement plan or IRA, or taking a complete or partial distribution. Former associates who leave their money in the plan can take one partial distribution each year.

To request a distribution from the plan, call the plan’s recordkeeper at 1-800-701-8892. To avoid taxes and/or early withdrawal penalties on your distribution, the plan’s recordkeeper must receive distribution instructions from you prior to the date automatic distributions are made.

If your account balance in the plan is less than or equal to $1,000, your balance will be paid to you automatically within 60 days following your separation.

If you have an outstanding loan from the plan, your outstanding loan balance will be treated as a taxable distribution to you and may require you to pay federal and applicable state taxes on the outstanding loan amount. If you would like to avoid your loan becoming a taxable distribution, you may contact the plan’s recordkeeper at 1-800-701-8892 for a loan payoff amount. Your loan payoff check must be received by the plan’s recordkeeper no later than 60 days following your separation date to pay the loan in full.

You may continue to obtain your 401(k) plan account balance information, change investment options or obtain fund performance information by calling the plan’s recordkeeper at 1-800-701-8892 or by accessing 401k.regions.com. You will be required to enter your user ID and password.

If you have any questions about this process, please call the HR Connect Team at 1-877-562-8383. 

Will my Associate Checking Account change after leaving Regions?
Effective 30 days after your date of separation, your Associate Checking Account will convert to a LifeGreen Checking account and will be subject to the same conditions and charges in effect for such an account. You will also be provided with a complete list of terms and conditions for LifeGreen Checking. 

Need Help?

Contact the HR Connect Team at 1-877-562-8383