And they’re leaving for a variety of reasons: higher salaries, better benefits, more flexible schedules, more satisfying work, new challenges—including starting their own business—and even they’re retiring early.
While it is a hot market for job seekers at the moment, workers should think about the benefits they might give up when they leave their jobs.
The largest is employer-sponsored health insurance.
“Most employees know that their employers offer health insurance benefits, but they don’t always realize how much support their employers pay for,” Tammy Simon, head of corporate advisory at employee benefits firm Segal, told CNN Business in November.
Here’s what you need to know about health insurance options once you call it quits.
Life after work: continuous health insurance
“Employers will sometimes subsidize the cost of Cobra, but most don’t,” Simon said. “Employers are allowed to charge up to 102% of the premiums applicable to COBRA.”
She added that employers are required to file a COBRA notice detailing the employee’s rights and responsibilities, including coverage costs.
But under Cobra, workers are generally responsible for the entire tab.
(The federal government had introduced a COBRA-paid benefit for involuntary job losses and work-based coverage, but that benefit expired at the end of September.)
Open enrollment for 2022 coverage continues through January 15 in most states. But those who lose their work-based policies can enroll at any time of the year, usually within 60 days of ending their plan. The Biden administration has also made it easier to obtain coverage in 2022 through special enrollment periods.
But without some kind of support
– Whether from the government or your employer – to help you afford health insurance, buying it yourself can be very expensive. So consider your options before you make the decision to leave your job.
“[Health care] Much more expensive than people expect,” Isabelle Barrow, director of financial planning at Edelman Financial Engines, For CNN Business in November. “It’s really important that you consider that part of your overall budget before you leave your job.”