A critical part of any job is the benefits it comes with. Health insurance, paid time off and sick days are typically part of your benefits package, and many rely on those benefits to afford their healthcare or put away money for retirement.
But if you leave that job or are facing a layoff, you might be wondering exactly what happens to those benefits once you no longer hold the position. The answer will vary from company to company and your specific circumstances, but it’s important to know what to expect so you can plan ahead.
One of the most important benefits to be aware of could be your health insurance. If you no longer hold the position that was supplying you with health coverage, you want to know what you’re in for going forward. Luckily, there is a program in place called COBRA that caters specifically to individuals in this scenario in order to allow 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 whether you quit, were fired or laid off.
This is just one of the critical things to consider when it comes to your benefits after you leave a job. To learn more about all you need to know if you’re facing a loss in benefits, CreditRepair created a helpful job benefits guide outlining what you can expect to happen when you leave your job for any reason.
Facing this sort of transition might seem daunting, but all it takes is equipping yourself with the right knowledge in order to protect yourself and make the best decisions for your life and finances going forward.