What to Check Before You Change Jobs
Changing jobs usually means more than a new paycheck and a new schedule. It can also affect your health coverage, retirement account, workplace insurance, beneficiary information and access to records you may want later.
A short review before you leave one employer and settle into another can make the transition much easier.
Save Important Employment Records
Before you lose access to an old employee portal, review the documents you may be entitled to keep.
That can include benefit elections, retirement-plan information, insurance records, recent pay statements, tax documents and contact information for the benefits department.
You do not need to save sensitive workplace information that belongs to the employer. The goal is simply to keep the personal records you may need after leaving.
Review Your Health Coverage
Find out when your current health coverage ends and when your new coverage begins.
If there may be a gap, review the options available to you through your former employer, a spouse or partner, another health plan, or the Health Insurance Marketplace.
Do not assume the dates line up automatically.
Check Your Retirement Account
If you participated in a workplace retirement plan, make sure you know where the account is held and how to access it after leaving.
You may have several options for the account depending on the plan and your situation.
There is no need to rush into a decision simply because you changed jobs. Start by knowing where the money is and what choices are available.
Review Workplace Life and Disability Insurance
Some life insurance and disability benefits are connected directly to your employment.
Check what happens to those benefits when you leave.
If you have relied heavily on employer-provided coverage, a job change is a good time to review whether you still have the protection you intended.
Check Your Beneficiaries
Changing jobs is also a useful reminder to review beneficiary information.
Look at beneficiary designations connected to retirement plans and employer-provided insurance.
A new job does not necessarily mean the people you previously named are still correct for your current life.
Review HSA or FSA Accounts
If you have a Health Savings Account or Flexible Spending Account, check how your job change affects it.
The rules are different depending on the account.
Know the balance, the deadlines that apply and what happens after your employment ends.
Start Fresh With Your New Benefits
When you begin the new job, do not simply choose benefits as quickly as possible.
Review the health plan, retirement plan, employer contributions, insurance options, leave policies and beneficiary forms.
Keep copies of important selections for your own records.
A Simple Job Change Checklist
Before the transition is complete, make sure you have reviewed:
- Health coverage end and start dates
- Retirement account access
- Life and disability benefits
- Beneficiary information
- HSA or FSA details
- Important personal employment records
- New employer benefit selections
A job change touches several parts of your financial and personal preparedness at once. Taking a little time to review them now can prevent confusion later.