Sovereign Bank

Health and Welfare Benefits

Employee Health and Welfare Benefits
Our benefits reflect the ever-changing needs of our diverse workforce. Team Members who work 20 or more hours a week are eligible for benefits, including medical, dental, prescription, and vision.
Eligible team members are provided the following core benefits at no cost:
  • Life Insurance
  • Accidental Death and Dismemberment Coverage
  • Short-term Disability
  • Long-term Disability
  • Business Travel Accident Insurance
In addition to the core benefits, eligible team members may elect the following optional benefits for themselves and their eligible dependents:
  • Medical Insurance, including prescription coverage
  • Dental Insurance
  • Vision
  • Adult and Child Life Insurance
  • Flex Spending Account (FSA) for Health Care and Day Care
  • Legal Assistance
  • Health Savings Account (HSA)
  • Transportation Benefits (for team members only)
  • Additional Accidental Death and Dismemberment Insurance
  • Additional Long-term disability (for team members only)
  • Additional Short-term disability (for team members only)
  • Additional Team Member Life Insurance
  • Purchased Paid Time Off Plan
Eligibility*
Team Members who are regularly scheduled to work 20 or more hours a week are eligible for Flex Benefits. Coverage begins on the first of the month after 30 days of eligible part- or full-time employment.

Eligible dependents are a Team Member's:
  • Spouse, same- or opposite-sex domestic partner, or other adult dependent (only one adult dependent can be covered)
  • Unmarried dependent child—including the child of a domestic partner to age 19 (or to age 25 if a full-time student)
  • Unmarried, disabled dependent child—including the child of a domestic partner of any age who depends on the team member fully for support
* Specific documentation may be required to support certain eligibility criteria or changes to dependent status.
  This overview is intended to highlight the key provision of Sovereign Bank's benefits plans and/or policies. Complete details, including eligibility criteria where applicable, are contained in the official plan documents or policy, which govern in all cases. The company reserves the right to change or end the plans at any time with or without notice.