Health insurance can be costly, and with unpaid medical bills being the leading cause of bankruptcy in the U.S., it’s not something you can afford to skip out on.
Before quitting your job, take a close look at what types of benefits you’re receiving, especially if you have a family, and make a decision from there.
Questions to ask about your current job
It’s not just a matter or whether or not your job provides health insurance, but a matter of how good it is.
Are your family members covered at an affordable cost? What type of plan are you covered under? What is your monthly payment compared to your deductible? In addition to health care coverage, do you receive dental and vision insurance?
And let’s not forget about sick time and vacation time.
Some companies offer a very competitive paid time-off plan, including holidays, sick time and plenty of vacation time. Is this something you’re willing to give up in addition to your salary and health insurance benefits?
Is Money Everything?
Most people are focused on their salaries. But, the reality is you can find a way to live off of a wide range of salaries.
If you do end up in a catastrophic situation without a good benefits plan in place, you will most likely go bankrupt even if you were making a decent living. Medical bills crush many Americans year after year because they’re not properly insured.
According to the article saving on family health insurance, it’s very rare that companies provide full benefits to employees and their dependents.
If you work for one of these one-of-a-kind companies, you’ll definitely want to think twice about quitting.
On the same token, some employers only offer plans to their employees and not to any additional family members. If this is the case, you’ll have to get your family members on a private health insurance plan of their own.
Is Work Benefiting You?
Though you do have to consider a wide array of things when looking for a job, including salary, benefits, paid time-off, expected weekly hours, travel and job duties, it’s safe to say that benefits should rank towards the top of your considerations.
Employers can pay anywhere from a few thousand dollars per year for an individual plan up to $15,000 per year for a family plan.
If you factor that into your yearly salary, you’re most likely getting paid a decent amount more than you thought. If your employer is also contributing to a 401(k) plan for you, that should be factored in, as well.
Quitting a job is a tough decision.
Many factors need to be thought about in-depth before a decision can be made.
Don’t think lightly about benefits, though, as good packages from employers can be extremely hard to come by.
Photo credit: Image courtesy of imagerymajestic at FreeDigitalPhotos.net
About the Author: Sarah Brooks is a freelance writer living in Charlotte, NC. New to the city, she enjoys spending time outdoors and exploring the area. She writes on a variety of topics including health insurance, small businesses and personal finance.