What happens to my benefits if I change jobs?

When an individual changes jobs, the status of their benefits can vary depending on several factors, including the type of benefits received and the policies of their current and future employers. Typically, employer-sponsored benefits, such as health insurance, retirement plans, and other employee perks, will be affected. Health insurance coverage may end on the last day of employment or extend until the end of the month, depending on the employer's policy. Many employers also offer COBRA continuation coverage, allowing individuals to maintain their health insurance for a limited time, albeit at a higher premium. Retirement benefits, such as 401(k) plans, may allow individuals to roll over their accumulated savings into a new plan or an Individual Retirement Account (IRA). However, it is essential for individuals to review the specific rules surrounding the employer's retirement plans to understand their options fully. Overall, it is advisable for individuals to familiarize themselves with the current and prospective company's benefits during the transition, as different employers have different policies. For further detailed information, individuals can consult the Crosby Benefit Systems website for insights related to their benefits and options during job transitions.