There are many factors to consider when looking for work and/or changing jobs. Health insurance is typically a benefit that many job seekers look for, when looking for work. For those who are working with a cancer diagnosis, it can be an extremely important aspect when deciding whether or not to take a job. For those in active treatment, or even maintenance treatment, a gap in coverage is often not an option.
So, what does the health insurance piece look like if you’re switching jobs? The Muse published an article explaining how health insurance works when switching jobs and highlights a number of key elements so you are prepared and understand what it may mean in terms of your coverage, best approaches for choosing a new health insurance, and how to best protect yourself in the interim. Let’s breakdown some of the more important points for those who are working with a cancer diagnosis.
If switching jobs, when does existing health insurance coverage end?
Typically coverage will end either on the last day of work or the end of the month in which you stop working. Confirm the date with your current employer to assess what will be your best course of action.
What are the main considerations for health considerations when changing a job?
- Look at the Consolidated Omnibus Budget Reconciliation Act (COBRA) coverage available. Oftentimes this is can be used to continue existing health insurance before benefits kick in at a new job. However, COBRA coverage tends to be very expensive as you pay for both your, and your former employer’s, portions of the premium.
- New employer’s coverage: You’ll want to find out when your new employer’s coverage will start as there is often a waiting period. Use this timeline to determine spend on COBRA.
Gap Period alternatives – What additional options are there to stay protected during the transition period?
- Temporary health insurance primarily provides emergency and basic care needs – likely not enough coverage if you are in the midst of cancer treatment or surveillance
- Medicaid and state health insurance programs may be available if you are eligible due to a decrease in income. Medicaid eligibility is based on income, household size, and other factors
- Health Insurance Marketplace is available during a ‘special enrollment period” (SEP) meaning, outside of the normal open enrollment period. Typically, the SEP is only open up to 60 days from the date previous coverage ends.
Understand when health insurance will begin at a new job.
Often there is a probationary period and/or waiting period for the use of benefits at a new job. It’s important to find out the specifics around your employer, as sometimes there can be more flexibility. Knowing the start date of health insurance at a new job in advance of starting, can help you determine what the best interim coverage will be both for your medical needs and your financial needs.
Health Savings Accounts (HAS) continue to belong to you regardless of where you work.
While there are a variety of reasons people with cancer continue working, or start new jobs, typically benefits and insurance have at least something to do with the decision. This means it’s important to understand the nuances of switching insurances and always ensuring you have the coverage you need so as not to disrupt treatment.
Take a look at our articles on insurance, including A Guide to Insurance, Conquering Insurance Issues and Problems, Insurance Legislation, and the Top Three Insurance Questions About Employment. Be sure to also check out the recorded webinar on Health Insurance Options to make sure you have a broad understanding of insurance in general, as you make specific decisions about plans, coverage, etc. Finally, keeping proper records of your health insurance interactions and claims is important – download our health insurance logs to stay organized and on top of your insurance information.
As always, Cancer and Careers is here for any questions or if you’d like to be provided with additional resources and information. Feel free to reach out to cancerandcareers@cew.org any time.