What If You Got Laid Off Due to the Coronavirus?

What If You Got Laid Off Due to the Coronavirus?

| June 09, 2020

Over the last few months, the markets have been thrown for a loop. With the coronavirus pandemic, several large corporations and other businesses have had to lay off or furlough their employees. In this article, we are going to go over what you should do if you have been laid off as a result of the coronavirus spread. Here are five tips to get back on your feet if you have been laid off.

  1. When Is Your Last Paycheck?

Once you find out that you have been laid off, you will want to make sure you ask when your last paycheck will be. Sometimes, you can expect your last paycheck to arrive within 30, 60, or 90 days. If you are one of the employees that has been furloughed, you will want to get the details regarding the benefits you can take advantage off while furloughed, as well as when you are expected to come back to work. It also cannot hurt to ask about severance packages.

  1. Time to See the Doctor

 With being laid off, your health insurance comes into question. Prior to your last day of work, you need to make sure you take advantage of your health insurance. To do so, make any necessary appointments, as your insurance coverage might be the cheapest you will get this year. It is also recommended to ask your employer what happens with your health insurance once your last day of work arrives.

  1. Which Insurance Policies Are Portable?

 If your current life insurance and/or disability insurance is guaranteed, you need to refer to your Human Resources department or benefits department to go over your policies and which are portable. There, you can ask about conversion, transporting the policies, and how you are affected if you are receiving a severance check.

  1. Find Out Your Retirement Plan Options

 If you currently have been contributing to retirement stocks, such as a 401(k), you are probably wondering what happens with it. The best thing you can do right now is to ask about your retirement contributions and see how it will affect your taxes for the remainder of the year and next year when you file. You have every right to ask as many questions you need during this transition. 

  1. Spruce Up Your Resume

Even if you are not getting laid off, it is a great idea to keep your resume up to date. Having a fresh resume will help you apply for jobs quicker and get you more interviews. As you start researching more jobs, you need to consider the outside factors: your family, commute, and pay.

Getting the pink slip from your job during a time like this is not what you want to go through, but if it happens, follow these smart money moves and get back on your feet! We’d be happy to help. Reach out to us at 800.620.9330 or email us at info@HWMcorp.com