Stay Calm and Assess the Situation
Losing your job can be overwhelming, but the first 24 hours are critical for setting yourself up for a strong recovery. Take a deep breath and focus on these actionable steps.
Secure Your Benefits
COBRA Health Insurance: You have 60 days to elect COBRA continuation coverage. Request your COBRA election notice from HR before you leave the building.
Unused PTO: Check your state laws and company policy regarding payout of accrued vacation and sick time. Many states require employers to pay out unused PTO.
Severance Package: If offered a severance agreement, do not sign it immediately. You typically have 21 days to review it. Consider consulting an employment attorney.
File for Unemployment
File your unemployment claim as soon as possible. Most states allow you to file online. Benefits typically begin after a one-week waiting period, so filing early is important.
Review Your Insurance Coverage
Understand what coverage you have and what gaps may exist. Income protection insurance like PaydayShield can help bridge the gap between your last paycheck and your next opportunity.
Update Your Budget
Review your monthly expenses immediately. Identify non-essential spending you can reduce. Calculate how long your savings will last at your current burn rate and adjust accordingly.