A guide to quitting your job

The situation is different with the accounts for dependent persons: Employees can only be reimbursed for expenses up to the amount that was deducted from their paycheck.

Health savings accounts, typically used in conjunction with high-deductible health plans, are not use-it-or-lose-it. You can keep this money even if you don’t spend it; The account is not linked to an employer.

“The account would remain and could continue to be used to reimburse or pay for qualifying medical expenses,” said Frank Fiorille, vice president of risk, compliance and data analytics at Paychex. However, you cannot make new contributions unless you open a new high-deductible plan elsewhere.

Check how much holiday or other paid time off you have not taken and may still be owed and whether it can still be used or paid out; this might help cushion your job search fund if you create one. Also, make sure you know when other perks, including bonuses, may be paid out or become available, e.g. B. Stock options that will soon vest.

If you hold stock options, which allow you to buy stock at a discount, figure out how long you have to exercise after you leave, Ms Rotter said, adding that it’s usually three months after your last day. However, for any options that do not vest, you will likely leave money on the table.

If you have postponed appointments, it may make sense to book them with a new deductible and, if necessary, a new network of providers before you start again. Next, you need to find out when your coverage ends: it may end on your last day, for example, or it may continue for the rest of the month.

Then carefully review your options. “Everyone needs their health insurance now more than ever,” he said Karen Pollitz, Senior Fellow of the Kaiser Family Foundation.

Comments are closed.