Insurance Coverage When Changing Jobs
Are you considering a new job opportunity? If so, you’re not alone. The average employee stays at a job for just over four years, so people of all ages will likely see a job change at least several times in their lifetime. Whether it’s a voluntary move, switching from full-time to part-time, or the result of a layoff, it’s a big event in your life that comes with financial consequences.
Have you thought about what happens to the insurance coverage you enjoyed while you were at your job? Here are some of the most popular questions employees ask about these benefits, along with what to expect when you pursue your next opportunity.
Leaving a Job with Insurance
What happens when you leave a job with insurance? If you get your insurance coverage through somewhere other than your employer, such as your spouse’s workplace or directly from an independent insurance agent, nothing should change for you. You would keep your current policies. However, when you get to your next job, it may be worth looking at their benefits to see how they compare.
Some employers cover the complete cost of life and disability insurance for their employees, or at least significantly discount it. Seeing what your new job offers could be an opportunity to get more coverage for less money out of pocket. If you only have an employer-sponsored plan, you should ask the HR or benefits department what will happen.
Choosing a New Insurance Plan
What questions should I ask when choosing a new insurance plan at a job? Starting a new job can be exciting. In addition to your new salary, consider what insurance benefits you can now access. Ask these questions to get the best idea of which plans are a good fit for you.
- What insurance benefits do you offer?
- Can I see a summary of the life insurance plan options?
- Is there an enrollment period?
- How do I pay for the premium?
What to know: Every workplace handles insurance differently. This is true for someone leaving a company and for someone entering it as a new employee. Know the facts about insurance plans to stay empowered throughout your career journey.
