Military Leave
It is our privilege to serve you and your family as you serve in the armed forces
of our country. Going on a military leave of absence involves many questions and
having to make several, important decisions, some of which concern your employee
benefits. Can I keep my insurance? What do I need to do? Will my family be taken
care of while I'm away? This brochure will help guide you through the decisions
you should consider as you prepare for a military leave of absence.
Things to Consider
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The military offers an excellent medical insurance program called TRICARE
which is available to employees and their families. There are several health plan
options to choose from. Contact your local TRICARE Service Center to speak with
a representative who can help you determine which plan may be best for you.
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All of our life insurance plans have exclusions for deaths caused by war
and in most cases while serving on active duty in the military. Some exceptions
may apply. If you decide to drop your coverage because of this exclusion, you may
still be able to keep some life insurance on your dependents. Call us for details.
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You can continue participating in the Flexible Spending Account program while
you're on paid leave. However, once you're on unpaid leave, we can only
reimburse you for expenses you incur by the end of the month you went on unpaid
leave. Consider making after-tax payments directly to us to avoid forfeiting unused
balances in your FSA.
Frequently Asked Questions
Q. Can I keep my insurance while I'm on military leave?
A. You and your eligible family members can keep your Deseret Mutual insurance for
18 months or for the duration of your active duty assignment, whichever is less.
Your military insurance (TRICARE) will be secondary and Deseret Mutual will continue
to be your primary insurance.
Q. Will my employer continue to pay part of the premium while I'm on military leave?
A. For the first three months, your employer will continue to
pay its usual portion of the insurance premium. If you want to continue your insurance
beyond that point, you'll be responsible for the full cost. Call us to find
out what your premium will be.
Q. Can I drop my insurance while I'm on military leave?
A. You can drop your insurance at any time during your active duty assignment. As
long as you re-enroll within 30 days of returning to work, we'll reinstate
your insurance effective the day after your military coverage ends. You will not
have a waiting period for pre-existing conditions and you will not have to prove
you're in good health to have your life and disability coverage reinstated.
Q. What will happen to my Thrift Plan account while I'm away?
A. You can contribute to the Thrift Plan while you're on paid leave. During
an unpaid military leave, however, we will suspend both your contributions and your
employer's matching contributions until you return to active employment. Your
account will remain "open" which means you can redistribute your investments
and make periodic withdrawals (subject to the usual limitations.)
Q. Can I make up any missed contributions to the Thrift Plan when I return?
A. Yes. When you return, contact our Savings Department for specific information
about how to make up contributions. By the way, your employer will match your make-up
contributions based on the regular employer-matching schedule!
Q. What if I have an unpaid Thrift Plan loan?
A. Employees are not required to make savings plan loan payments while on military
leave. If you have a loan, you can either choose to continue your payments directly
to us or we'll suspend your loan payments until you return to active employment.
Contact our Savings Department before going on leave so your loan does not go into
default.
Q. Will I continue to earn retirement credit while I'm on military leave?
A. While you're on an employer-approved military leave of absence, you'll
receive benefit credit for the entire duration of your active duty assignment.
Checklist
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Obtain your employer's approval for a leave of absence
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Notify your employer if your mailing address changes
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Decide if you want (or need) to continue your Deseret Mutual insurance
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Work with your employer to arrange your insurance premium payments
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Contact TRICARE regarding your military insurance benefits
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Contact MetLife or Liberty Mutual concerning your group home, auto, or long-term care insurance (if applicable)
to make arrangements for your premium payments
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Contact our savings department if you have an outstanding loan
This information is provided as a service to help you make informed decisions. Nothing
in this information should be considered legal, financial, investment, or medical
advise. For a complete description of the plans. please refer to your Benefits Handbook.
As with any major life event, you should consult with qualified prefessionals of
your choice who can provide you with appropriate counsel and advise.