Get What You Have Coming
When your job hunt pays off, be sure to schedule an appointment with your company's benefits coordinator. If you're moving into another department within the same company, you'll likely have no interruption of benefits.
Arrange Insurance Coverage
If you're moving to a new company, you'll want to make sure that you're covered by health insurance until your new company's policy takes effect, that you receive payment to which you may be entitled for any unused vacation, and that you receive any retirement funds that would be to your tax advantage. Be sure to take advantage of any "use it or lose it" benefits that are still available, such as tuition assistance programs, legal benefits or other employer-specific offerings.
Under a federal law called COBRA (Consolidated Omnibus Budget Reconciliation Act) your employer is required to extend your health and dental insurance, for up to 18 months. Find out whether you are covered by your new employer's health insurance right away, or if you have a waiting period. If necessary, you may be able to continue your health and insurance benefits from your previous employer until you're covered by the new employer.
Usually your health insurance coverage ceases on the day you stop working. However, there is a chance it may vary from employer to employer. Check with your employer or personnel office about the exact date your health care coverage ends.
If you will have to pay for your own health insurance under COBRA for a while, you will need to know the date when you are no longer covered by your former employer's health plan. In most cases, you have 60 days from the last day of work at your old job to elect COBRA and an additional 45 days before you must pay a health insurance premium. While you may have to pay for COBRA coverage, it can prove valuable while you are unemployed or until you are covered under a new employer's health plan.
You'll also want to make sure you continue to have life, disability income, and long-term care insurance coverage, since these benefits may also be lost in the job change.
