What To Do For Benefits When Changing Job
Sun Dec 5, 2010, 6:07 am | 1 Comment
Most folks might not bother to get a copy of their benefits in the company they are leaving. But before you leave, ask your benefits manager to explain your benefits to you and to give you a copy of the most up-to-date print of their benefits. You have been offered a job in another company. Compare your old company’s benefits with those of the new one. You might be able to save some money in the process.
Review your current benefits before you meet the benefits manager in the new company. Your objective should be to have the same coverage at a minimum or hopefully better.
You need to take steps to make sure your transition is a smooth one. Here are some ideas to assist you in meeting your financial needs.
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Benefits in general
There are three areas you must be concerned with: 1) The benefits you are able to keep, 2) the benefits you need to replace, and 3) the benefits you need to transfer such as a workplace savings plan.
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Insurance
Make sure you know when your insurance – health, disability, or life – will expire. Understand how COBRA insurance can help you fill a gap in coverage between your old and new job.
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Compensations left-overs
Find out any compensation that may be due from your old company such as back pay, vacation days, sick pay, or future pensions to which you may be entitled.
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Retirement plan assets
You have several options for managing your retirement assets when you leave your old employer. Some experts suggest to bring all your retirement assets to the new company. Simplifying your finances by bringing together old workplace accounts to one place is an important part of a sound financial strategy for many people.
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Rebalance your portfolio
By the way, you should also review investments at least once a year and re-balance as necessary. Monitor your portfolio throughout the year 2011 and beyond, and rebalance your diversification strategy at least annually or whenever your financial circumstances change.
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When you join the new company
These days, with insurance premiums and your co-payment being so high, it’s best to take the time to understand your new employer’s benefit options. That way you may be able to make the right decisions for you – then sign up at your earliest opportunity.
- Enroll in your new workplace retirement savings plan as soon as possible. Take full advantage of any employer match. If possible, increase your contribution to the maximum allowed.
- Choose the health insurance coverage option that best meets your health-care needs.
- Review life and disability insurance coverage to ensure that you have enough protection for your family.
- Review the beneficiary designations on your insurance policies. Review also your beneficiaries for your life insurance policy.
In a Nutshell
Review your benefits before you join the new company. Compare the two benefits packages – the old one and the new one. Try to have the same benefits at a minimum or better. In the process, you might be able to save some money as well.
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