What to do if I lose my job is a question that has haunted me for the last couple of months. During tough economic times, it is important to have security in our jobs. But that does not mean we should put our jobs at risk just to keep our bills paid. Many people do not fully understand what to do if they lose their job. In this article I will give you an overview of some helpful information and resources that can help you make the best decisions if you have lost your job.
Most people who lose their jobs are the result of a bad business decision. The reason that companies make poor business decisions is because they do not have enough time or capital to focus on building new products or services. Because they lack the resources, they are forced to cut costs in other areas. If there are too many losses, the company is going to go out of business.
One of the first things to do if you have lost your job is check your benefits. Many types of insurance benefit plans are available through the company you were employed with. In some cases, your benefits will be adequate to assist you with living expenses. In other cases, you may need additional insurance assistance. If your job provides these benefits, you should review them and find out what you need to do to continue them.
Another question that you should ask yourself when you are thinking about what to do if I lose my job is how much money do I have? If you have been with the company for several years, you most likely are entitled to a pension. If you are not covered by an insurance plan, you may qualify for Social Security Disability benefits. You may also qualify to receive payments from the Federal Emergency Assistance Programs that are made directly to you. Your last source of income is probably your 401(k) or IRA. Review the remaining balance on your retirement account and see what you can realistically live on.
If you are married, it may be time to reevaluate your long-term health insurance. Many employers offer their employees family insurance plans that can be used for their spouse and children. In many cases this is less expensive than taking out another policy for yourself. However, you may want to reevaluate this again after the birth of your first child. Many employers provide life insurance benefits for the entire family.
If you have been unemployed for a period of time, you may need a short-term disability. A temporary disability is usually less expensive than COBRA (Consolidated Omnibus Budget Reconciliation Act) coverage, and it is easy to obtain. If you were recently terminated from your job, talk to your human resources department about signing up for a temporary disability. You may be entitled to medical assistance while waiting for a job.
Some life insurance companies will allow you to purchase partial or total disability as part of your coverage. If this would be a possibility for you, talk to the insurance agent. The disability amount would be determined by your last year’s income and your age. Talk to an experienced professional before making any decisions. An experienced agent can help you determine what to do if you lose your job.
When you lost your job, you probably lost your source of income as well. If you were receiving welfare benefits or food stamps, this would be the most important factor in determining what to do if i lose my job. If you had no other sources of income, it would be impossible to survive for even a short period of time. Find out what you can get if you were not working. You might be able to obtain enough money to survive for a few months or a couple of years.