Leaving a job? Maximize your current insured and paid-time-off benefits first
Media Contact: Barbara M. Fornasiero, EAFocus Communications; barbara@eafocus.com; 248.260.8466
Royal Oak, Mich.— July 22, 2022— In the midst of increasing layoffs, rumored layoffs, and the threat of recession, the labor shortage lingers and workers continue to switch jobs. Whether going from one job to the next immediately, or taking some time-off to recharge, maximizing employee benefit coverage in the transition requires planning, according to employee benefits and ERISA attorney J.J. Conway of Michigan-based J.J. Conway Law.
“Before beginning a job search, workers should carefully review and understand the benefits package they have at their current employer as the need to use certain benefits can be anticipated in many circumstances before they leave,” Conway said. “Being able to determine potential gaps and tapping into any available benefits to the extent that it’s possible will help maximize coverage between jobs.”
Before you leave a job, Conway offers the following benefits tips:
- To eliminate or limit appointments without insurance, do not wait to schedule annual physicals and semi-annual dental cleanings and risk your provider not having timely openings.
- Ensure all prescriptions are refilled and up to date before your current insurance expires.
- Have an emergency savings account for benefits–set aside at least $1,500 to help cover COBRA costs and other interim healthcare expenses that may not be covered until you’ve been at a new position for 30-90 days.
- Cash-in on paid time-off earned at your current employer; make sure all accrued paid time off is accurately paid out according to company policy.
- If leaving by choice, leave toward the beginning of the month in order to maintain insurance coverage for the entire month, should there be a time-gap between your old and new positions.
- During the salary negotiation process, gather as much information about the new benefit plans as possible, including health insurance, life insurance, and the growing in popularity offering, pet insurance. Weak insurance coverage can have real life cost implications that may be offset by negotiating a higher salary. Conversely, rich benefit plans can offset a lower salary offer, depending on your health care needs.
- Review 401(k) options: Is there a minimum length of employment at the departing employer required to retain the employer’s matched contribution? If so, plan accordingly to the extent possible. Does your new employer offer a 401(k), and do they match contributions? Again, keep this in mind when negotiating a salary.
“It’s often not until the benefits package you were accustomed to is no longer available that you realize its true financial value,” Conway added.
About J.J. Conway Law
J.J. Conway Law was founded by John Joseph (J.J.) Conway in 1999 to work with individuals seeking full access to the employee benefits they have earned. The firm has been involved with nationally significant employee benefit, disability and pension cases, including class action lawsuits for such landmark decisions as requiring Michigan private insurers to cover autism health treatments for children through age 18 and protecting the pension rights of City of Detroit employees, police and firefighters as well as Wayne County employees by holding their trustees accountable for investment decisions. The firm’s motto is “Conquer Tomorrow®” and is dedicated to making tomorrow easier for their clients across the United States. Learn more on the firm’s website.