Changing Jobs? Make Sure You’re Covered!

Health Insurance Changing Job
Changing jobs can be hard. Even if you’re leaving a job you didn’t love to move on to something you do, it’s a lot to take in. It’s not just the new work to get the hang of; it’s the new people to meet, and the new routines that come with a fresh start. Before you head off on your next adventure, there is some important business to take care of with respect to your health and dental insurance coverage.

What do you need to know about health and dental insurance to make sure your transition to a new job is a smooth one?

Starting a New Job

Congratulations, you got the job! You start two weeks from Monday. Right after you tell your current employer and your family about the new job, you might find yourself wondering what else needs to be done. You’re probably mapping out the most efficient travel route to the new office and wondering what to wear on your first day. What else?

Well, for starters, it’s time to look into your supplemental health insurance. Questions you need to ask include:

  • If you had group insurance coverage at your old job, are you still covered under your benefits plan during the transition period?
  • Are comprehensive health benefits offered at your new job? Is it included in your compensation package, or is there a copayment to factor into your household budget?
  • Does coverage start on your first day, or is there a waiting period of 60 or 90 days?
  • Assuming you do have coverage in your new role, is it enough for you and your family? If not, you may wish to purchase additional individual coverage to top-up your plan.

You may wonder “What’s the rush?” and that’s a fair question to ask. It’s urgent because if you don’t have benefits, or your coverage is inadequate, it is to your benefit to apply within 60 days of losing your group coverage.

Many people believe if they are currently taking prescription medication to manage a chronic health condition, they won’t qualify for health insurance when they lose group insurance benefits. This is not necessarily the case! There are guaranteed issue policies that are available to help those with a pre-existing condition get the insurance coverage they need. Again, these policies are generally only available to those who apply within 60 days of losing group benefits.

Starting Your Own Business

Maybe you’re leaving behind the workplace to strike out on your own in an entrepreneurial adventure. It’s an exciting time. You have a lot of planning to do, including how you will weather the storm of months when business is more ebb than flow. You can be forgiven if health insurance isn’t the first thing on your mind, but make sure it isn’t the last thing, either.

When you’re starting your own business, if something happens to you or someone in your family, the last things you want to worry about are hospital stays and prescriptions on top of the ebbs and flows of your business. Like those who are starting a new job, it’s important to apply for new coverage within 60 days of losing your group benefits.

Your individual benefits may tax deductible. Be sure to speak to your accountant for more information.

Unexpected Job Loss

Losing a job is hard. Even if you kind of knew it was coming, it’s still a shock to the system. Regarding your health insurance, it’s important to see what provisions were made for it in your severance package as your benefits may continue for a short period after your employment ends. Make sure you have a thorough understanding of what happens to your health insurance benefits before you accept your package.

While you may feel confident you’ll find a new job with new benefits quickly, it’s important to make sure your family isn’t left without coverage if it takes a little longer than expected. Some plans might only cover you, and not your family, so it’s important to get all the details. There is no harm in applying for private health insurance benefits, and it is best to do so within 60 days of losing your group insurance coverage.

An Insurance Broker Can Help

Insurance can sometimes seem complicated, and subtle changes in the language of policies can have a serious impact on your personal situation if you should need to make a claim. To get help understanding how small differences between policies can affect your insurance outcome, consider working with an independent insurance broker.

Whether you’re moving to a new job, striking out on your own, or you’re unexpectedly unemployed, you need to make sure you and your family are covered. Don’t let your supplemental health insurance lapse without a plan to replace it!

Contact us today to get started on developing the right plan for health and dental insurance coverage for you and your family.


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