Health insurance considerations to make when switching employers

Qing Yang and Kevin Parker

In the past two years, we’ve experienced a roller coaster ride in how we work. The pandemic has been a catalyst for job and career changes. Whether you’re switching employers, working for yourself, or joining the gig economy, one of the things you should keep in mind is health insurance coverage. Two-thirds of Americans below age 65, about 156.5 million people, get health insurance from employer-sponsored plans. When a worker quits or is laid off, the entire family can lose health insurance overnight. What parameters do we need to evaluate to minimize the disruption in coverage and maximize the benefit? 

Options 

1. Stay on the health insurance plan of your current employer through COBRA, for up to 18 months after you quit, even if you have a new job with benefits. You have 60 days to sign up and must pay the full premium, which can be several times your payroll deductions. 

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