Jill Schlesinger's Guide to Navigating Unemployment

Health Insurance Options Post-Job Loss

• 🏥 COBRA allows you to keep your employer-sponsored health coverage for up to 18 months, but you will be responsible for the full premium, which can be very expensive.
• 📄 Alternatively, losing job-based coverage qualifies you for a special enrollment period through the Affordable Care Act if you apply within 60 days.
• 👨‍👩‍👧‍👦 Dependents under 26 can remain on a parent's health insurance plan if they lose their own job-based coverage.

Filing for Unemployment Benefits

• 📝 You must file for unemployment benefits yourself, not through your former company, and each state has unique rules and potential waiting periods.
• ⏳ Eligibility requires you to be ready, willing, and able to work.
• 💰 Even with a small side hustle income, you may still qualify for unemployment benefits, so it's advised to file.
• 📬 First payments are typically issued a few weeks after your claim is completed and processed.

Managing Old Retirement Plans

• 🏦 Option one is to leave the money in your old company's plan if it's a good plan with low-cost investments.
• 🏢 Option two is to roll the funds directly into a new company's retirement plan if you secure a new job quickly.
• 📈 Option three involves opening an IRA rollover or Roth account and moving the old plan's money into this new account.
• ⚠️ Cashing out an old retirement plan is a last resort due to ordinary income tax and a potential 10% penalty for those under 59 and a half.