Every job comes with its own benefits. Health insurance, paid time off and sick days are commonly included in most benefits packages, and many people count on them to save for retirement or afford their healthcare expenses.
But if you know you won’t be at that job much longer, you might be wondering what exactly happens to those benefits once you leave. Whether you’re moving on to a new position, are facing a layoff or are planning to retire soon, the answer to this question will vary from company to company. That said, it’s important to know what to expect so you can plan ahead.
One of the most important benefits to consider could be your health insurance. If you know you’ll be leaving the position that was supplying you with health insurance, you should know what you’re in for going forward. Luckily, there is a program in place called COBRA designed specifically for individuals in this situation that allows them to continue their health coverage once they’ve left a job. COBRA enables qualified individuals to maintain their current health plan for 18 to 36 months, and you’re eligible no matter what your circumstance is—whether you quit, were fired or laid off.
This is just one of a few critical things you’ll want to consider when it comes to your benefits after you leave a job. To learn more about everything you need to know if you’re facing a loss in benefits, CreditRepair created a helpful job benefits guide outlining what to expect if you plan on leaving your job for any reason.
Facing this sort of transition might seem daunting, but all you need to do is equip yourself with the right knowledge in order to set yourself up for success and make the best decisions for your life and finances going forward.