Most Americans who have health insurance are able to afford it because it comes as a benefit from their source of employment. Without help from an employer, a lot of people would find themselves entirely unable to purchase health insurance. As a result, there are plenty of employees who truly wish to quit their jobs, for a variety of reasons, but are hesitating specifically because they fear having to go without health insurance. If you take the time to plan ahead though, you might be able to leave your job and still have health insurance.
In general, it is a good idea to wait to put in your two weeks notice until you have secured a job in a better employment situation. Usually, if someone willingly chooses to leave his or her job, it is for a very important reason. Perhaps you and your spouse have young children, or are expecting a baby, and one of you is longing to be able to stay home and take care of the children. Maybe you want to start a new career doing freelance or contract work, or are ready to open a business. No matter what your reason may be, it is a good idea to plan ahead before you quit your job.
While it might be tempting to just walk in on Monday and hand your boss a letter of resignation, because you have had quite enough, doing so isn’t beneficial to you, if you are interested in continuing to be covered under some kind of health insurance. The sudden loss of a job will leave you with little options in that regard. People who are newly unemployed can sometimes use COBRA to extend the health insurance that they enjoyed through their former employer, which can be helpful. The downside of COBRA is that it may end up being more expensive than you can afford.
A blog called The Simple Dollar has an excellent post describing, in great detail, some ideas about how to get health insurance after “downgrading” your job. I think all of the advice given on that blog post is great, but the one that stands out the most to me is this one: plan ahead.
Before you quit your job, take the time to do some research on other health insurance options. Find out what you can afford, and what you are eligible for. Start putting money into a savings account that will be used specifically to pay for your new, individual, non -employer sponsored, health insurance. Wait until your spouse’s health insurance plan has an enrollment period so that you can be safely added onto his or her health insurance before, or shortly after, you lose your own. Be smart, instead of impulsive, and you may find a way to have health insurance without having to work where you do right now.
Image by Alan Cleaver on Flickr