![]() You'd also be able to withdraw money from this account if you're under 59½ without any penalties, she added, if you use it for a first-time home purchase or higher education expenses. And retirement savingsĪnother option is to roll over the account into an individual retirement account, which can be opened at a bank or brokerage firm. "This can help people to continue to access the health care they need and avoid big bills if they have a lapse in coverage and use services during that time," Lucia said. (And although the latest stimulus package allows people six months of free COBRA coverage, you wouldn't be eligible for that subsidy if you voluntarily left your job.)Įven if you plan to start a new job soon with new insurance, these options may be worth exploring if there's going to be any gap in your coverage. The option is pricey – $600 a month, on average – because you're now shouldering the cost of the entire plan. The Consolidated Omnibus Budget Reconciliation Act, or COBRA, allows people who work at companies with 20 or more employees to pay to continue their workplace insurance plan for certain periods of time. More from Personal Finance: More people plan to quit rather than return to the office How to find higher interest rates on savings amid inflation worries Mobile payment app complaints surge as more Americans go cashless Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower ![]() ![]() Best Debt Consolidation Loans for Bad Credit ![]()
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