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7 Steps to Take When You've Been Laid Off

SavvySugar — Wed, 04 Mar 2009 07:15:26 -0800

The economy has been shedding jobs at an accelerated rate, forcing many workers to be the bearers of bad news when telling their families they've been laid off. A lot of people haven't dealt with a layoff before and feel panicked entering new territory. Start the slideshow to see seven steps that will help you gain control after losing your job.

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6 Things About COBRA Under the New Stimulus

SavvySugar — Mon, 02 Mar 2009 11:30:13 -0800

As if having to search for a new job after a layoff isn't enough stress, jobless workers must consider how they'll get health care coverage without their old employers' plans. COBRA, short for the Consolidated Omnibus Budget Reconciliation Act passed by Congress in 1986, requires most group health care plans to provide a temporary continuation of coverage that an employee would typically lose after termination.

The downside to COBRA has been cost, but the American Recovery and Reinvestment Act of 2009 calls for a 65 percent subsidy toward group health insurance premiums for laid-off employees. Here are six facts about the COBRA subsidy under the stimulus plan.

The subsidy only lasts for nine months.
You're eligible if you were laid off between Sept. 1, 2008 and Dec. 31, 2009.
To qualify for the subsidy, individuals must make less than $125,000 and families can't earn more than $250,000.
You are not eligible for the subsidy if your employer went out of business.
If you’ve already made COBRA payments, there's no provision for a retroactive credit for the previous payments.
If you missed your 62-day window for signing up for COBRA coverage (but were laid of in the eligible time period), the door is open for you to sign up again.

Are you currently paying for COBRA coverage?

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Five Things to Take With You When You've Been Laid Off

SavvySugar — Mon, 06 Oct 2008 12:30:45 -0700

The economy shed 159,000 jobs in September, which is the most in a one-month period since 2003. Layoffs are becoming a real possibility, and whether or not you think you're likely to go first it's important to consider what would happen if the next pink slip is pointed at you. The news of job loss may shake you up, so workplace guru Liz Ryan reminds us of five things to remember when a pink slip has been served.

Contacts: If you don't already have your database of contacts backed up, do so immediately so you can begin using that network to help you find a new job.
Layoff letter: Get something in writing from your employer to speed up processing at the unemployment office.
Your last paycheck: In addition to asking about your last paycheck, make sure you're paid for any time off you haven't taken.
COBRA information: If you're left without health insurance and don't have other options, you'll need COBRA registration paperwork to get coverage.
Recommendation letter: Assuming you're being laid off for financial reasons, be sure to ask your boss if you can use her as a reference and try to get a letter before you leave.

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