Finances & Healthcare

Getting your financial house in order and healthcare coverage secured are critical steps following a layoff. However, as addressed on the Focus page, you must be able to think clearly before making significant decisions or changes in these areas. If possible, avoid major decisions in the first week or so of your unemployment unless your financial situation or a health crisis absolutely requires it.

Many people think that as soon as they're dismissed from employment they can immediately transition to a full-steam-ahead job search with no distractions. Not so. Benefits provided by a previous employer such as severance and continued health insurance (COBRA) are nice to have, but they don't just fall into place automatically. Be prepared to spend considerable time evaluating and making decisions on your finances healthcare insurance options. The time-consuming nature of this aspect of unemployment is often unexpected and can be overwhelming while you're still mentally processing your job loss.

Here are five key actions you must take within the first two weeks following your layoff to protect your finances and ensure you do not miss out on benefits you have coming to you. Click on each link below for more information.

 

  1. File for unemployment benefits and other government assistance

  2. Secure ongoing health insurance coverage

  3. Finalize severance with your former employer

  4. Determine your cash position (aka emergency fund)

  5. Create a budget aligned with your cash burn and cut unnecessary expenses

© 2020 Survive Your Layoff