What happens to my benefits if I leave my job?
March 2022 – 15 min read
If you leave your job and had coverage through your workplace, this normally ends when you leave your employer.
This means you could lose health and dental benefits as well as insurance that could help protect you and your family.
If you have a workplace pension, you may also need to look at transferring your retirement savings when you leave your workplace plan.
As soon as you know you’re leaving your job, you should explore your options when it comes to keeping or replacing your coverage.
Do you have workplace benefits?
Millions of Canadians are enrolled in a benefits planOpens in a new window that provides health and dental coverage, as well as other benefits that can help you protect your loved ones and plan for the future financially.
Through an employer-sponsored plan, you may have:
Accidental Death and Dismemberment (AD&D) coverage
The benefits of staying covered
Protect yourself against out-of-pocket expenses
Anything that’s not covered by your provincial or territorial health plan – or healthcare costs that you pay for yourself – are known as “out-of-pocket” expenses.
These costs can rack up quickly, and include but are not limited to:
Most eye exams
Physiotherapy, massage, and chiropractic treatments (also known as “paramedical” treatments)
Medical equipment, including crutches and wheelchairs
Having a personal insurance plan in place can help you avoid receiving a hefty bill as a result of an accident or illness, and can also help cover out-of-pocket expenses for preventative and routine healthcare.
Protect your family
If your health and dental plan extends to your spouse and dependents, they too may find themselves with no coverage once you lose it. You can find a personal insurance planOpens in a new window that extend to dependents to make sure your family doesn’t lose coverage.
If you’re losing life insurance, your family may no longer be protected financially in the event something happened to you. If you have a family or loved ones who are dependent on you financially, you could look at adding Portable Benefits to your plan before you leave it to ensure you stay covered, or ask an advisor about what life insurance may be right for your needs.
As soon as you know you’re leaving your workplace plan, start looking at options to ensure there’s no gap in your coverage.
You can speak to advisor for help deciding which products might be right for you after leaving your workplace plan.
You can also look online to compare plans and buy coverage that suits the needs of you and your family.
If you are a Quebec resident, personal health insurance can provide supplemental coverage to the prescription drug coverage provided under the Régie de l’assurance maladie du Québec (RAMQ) basic prescription drug insurance plan. Personal health insurance doesn’t remove your obligation to have drug coverage through the RAMQ drug public plan, through your employer or an association you are a member of or through the employer of your spouse.
This information is general in nature, and is intended for informational purposes only. For specific situations you should consult the appropriate legal, accounting or tax advisor.