OurExperienceCounts.com

OurExperienceCounts.com Survival Tips

You’ve just been laid off. It came as a complete surprise. You were not prepared. What do you do? Where do you start? OurExperienceCounts.com has put together a series of tips to help our members navigate these difficult times, and keep our financial situation somewhat in order.

Unemployment Insurance

• While rules vary from state to state, most states no longer require a waiting period to apply for Unemployment Insurance. You should contact the agency in your home state that handles unemployment insurance the day get laid off. Many states allow you to file using the internet, so you don’t have to go to the office or even call. Please look at our State Unemployment Agencies Page listing the state agencies that handle unemployment insurance for each state, to find the agency for your state.  For instance, in California it is called the Employment Development Department. Contact the unemployment people right away to clarify your individual situation.

Personal Finances

• As soon as you can, create a budget. It can be stressful at first, but having a long view financial plan will help you sleep better at night.

• Use your status of being unemployed to lower your utility bills. If your income has become significantly lower, you probably are eligible for “low income” rates on your electricity, gas, phone, water, and sanitation services. Each utility has different criteria, but many states now require utilities to offer discounts to low income people so call or check the utility website.

• Ask for senior discounts where ever you shop. While each store has their own rules, the mere fact of asking for the senior discount can often get you a ten percent discount .The age threshold has dropped – many stores now offer senior discounts to people as young as fifty. Ask, ask, ask! It never hurts.

• Along the same lines, negotiate everything. At smaller locations, you can talk directly to the owner or manager. Even at large chains, if you have an item that is a one of kind or the last one left, ask for the best price you can get.

• Call your newspaper provider and threaten to cancel. They will reduce the price by at least 50%.

401k

• Read through all 401k material from your previous employer to determine if, or when, the money needs to be rolled over into your own account.

Medical/Dental Insurance/COBRA

• If you no longer have medical or dental insurance, and you see a medical professional, ask to be billed at the same rate as the provider would be reimbursed from a medical insurance company. There is no reason that you, while are unemployed, need to pay significantly more to see a medical professional than giant insurance companies like Aetna or Metropolitan Life pay the same professional.

• Make sure you have thoroughly discussed with your previous employer all aspects of continuing your insured benefits via COBRA during the next 18 months. In addition, read any COBRA related material from your employer right away to see if you must do something NOW to ensure your coverage.

• Also to make sure to apply for the 65% COBRA credit for which you are now eligible if you were laid off after August 31, 2008.