Most people who have a traditional job (as opposed to say, gig employment) receive health insurance through their work. Therefore, considering the pros and cons of a new job often means looking at health insurance issues. In some instances, you might decide to leave a job for better insurance coverage. But when is that the right decision?
First, Review All Of Your Options at Your Current Job
Make sure that you fully understand your current insurance coverage. Do you have an option to switch to a different plan? If so, is it one that better fits your needs? Before you leave a job for better insurance coverage, make sure that you completely understand exactly what you’re leaving.
Does Your Spouse’s Job Have Better Insurance Coverage?
Oftentimes, you can get insurance coverage through your spouse. If that’s an option for you, then consider it. If they can add you on to their plan, would that meet your needs? Then you wouldn’t need the insurance from your own job. Make sure that you fully understand the options – and the limitations of the options.
Why Do You Want Better Insurance Coverage?
Now that you know what your current available insurance is, let’s discuss why you want something better. After all, if you’re thinking that you might leave a job for better insurance coverage, then there has to be a reason. If you don’t typically use your health insurance much, then you don’t need to worry about this option. However, you might have a very good reason to need better coverage. Examples include:
- You have high medical costs that your current plan hasn’t covered.
- Recently, you became aware of new health issues.
- You have a child with serious medical issues who needs coverage.
- You support a spouse with serious medical issues.
- Aging is also a consideration. Even if new health issues haven’t cropped up, you might think ahead to when they will.
What Do You Want From Your Insurance Coverage?
Knowing why you want to change coverage plans isn’t just about your health. It’s also about the plan itself. What exactly do you want from your insurance coverage? Consider all of the factors. Are you looking for access to better healthcare facilities? Do you want a different type of plan than what’s offered through your current employer? Is it an issue of rates and co-pays? Make sure that you’re really clear on exactly what you’re looking for in a new plan. After all, there’s no point to leave a job for better insurance coverage if you haven’t defined for yourself what “better” means.
Are There Other Reasons That You Want To Leave Your Job?
If you absolutely love your job and wouldn’t leave it for any other reason than this, then you have to ask yourself if the new job is worth it. After all, many people don’t like their jobs. You’re doing this 40-ish hours per week. You want to enjoy it. So, if you’re in the lucky position where you do, then you might want to explore all alternatives before you leave a job for better insurance coverage.
If you’re like most people, though, then you may have pros and cons about your job. Make a list of all of the reasons that you want to quit. Then make a list of reasons that you would prefer to stay. Weigh all of those things, with insurance coverage as part of your consideration. It might be an important reason to look for a new job. However, it’s not the only factor to consider. Make sure that you’ve weighed everything.
Do You Have Another Job Lined Up?
This one is really important. It’s one thing if you have a new job offer with terrific health insurance coverage that meets all of your needs. It’s another thing entirely if you’re just considering leaving your job and looking for something better. After all, who knows if that better thing is out there.
Don’t leave your job without putting a new one in place. After all, if you quit a job then you don’t qualify for unemployment benefits. This affects lots of other benefits as well. You might be able to keep your current insurance coverage for a certain period of time. However, eventually they run out. Then you have to deal with options you might not like.
When Looking For A New Job
If you don’t have a job lined up, then it might be time to start looking for one. Ideally, you’ll find a new job that you love. Or at least one that you like as much as your current job.
Obviously, you’ll want to get all of the details about the new job’s insurance coverage. Make sure that you know when it starts, what it costs, what’s covered, etc.
However, don’t overlook other important factors. For example, do you know your pay rate at the new job? Have you considered the employee benefits? For example, if you have a great retirement matching plan at your current job, and you don’t have one at all at the new job, is it worth it to you to lose that? Sure, you might get better insurance, but then you might lose income when you’re older and presumably may need more health care.
Also make sure that you think about all the positive and negative impacts on your health. A new job comes with new factors. Ask yourself about the commute. Will a longer commute change your eating habits, thereby impacting your health? Are there any environmental factors at the new job that might affect your health? Don’t forget the importance of your mental health as well. Make sure that when you leave a job for better insurance coverage, you’re not doing so at the expense of your health!
What Will You Do If This Job Doesn’t Work Out?
Hopefully, if you leave a job for better insurance coverage at a new job, then everything works out. However, life isn’t always that easy. Sometimes you start a job and it just doesn’t work out. What happens if you quit or get fired? Would you be able to return to your old job? Do you have a plan in place? Make sure that you consider all of your options before you make this move.
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