So what do you do if you find a pink slip with your next paycheck? The first thing is to not give up. You are certainly not alone. There were a half million people let go from their jobs in November 2008. Instead of wallowing in worry, take these steps to keep your head up and your eyes open for opportunity.

Go With Your Instincts

Even if the ax has not fallen just yet, it might be a good bet your inner voice is feeling the changes that are coming. If you have a heads up on the situation at the company you are working for, start getting prepared right away but don’t burn any bridges before you get the boot. You may have to rely on the references of your current employer to find your next job. You can also step to the plate for your own company and bring new ideas to the table to help the company get back into the black. Your initiative may be just the thing to help you avoid the pink slip. If nothing can salvage your job, just remember to maintain your dignity and leave with grace.

Make Your Personal Finances Your Priority

If you have been laid off and qualify to collect unemployment, you need to get your finances in order and re-work the numbers to reflect your new income amount. Cut out what you can to make the numbers conducive to what you are getting now until you find other employment. If you have been fortunate to get an additional severance package benefits, you need to make definitive plans for that money to ensure it will last throughout your lay off period.

Make Plans for Healthcare

If you lose your healthcare benefits immediately, check with your local health department and see if there are any plans you qualify for if you are in needs of prolonged care or medications. You can never be sure when you will get benefits, even with a new job as many will have waiting or probationary periods before you can qualify to be on a benefits plan.

Keep An Open Mind

As you prepare your current resume and start looking for work, it is wise to keep an open mind. You may not find immediate work in a full-time capacity in the industry of your choice but it’s likely you can find something part time or even a full-time gig that is not your first pick of jobs. Do not be afraid to investigate new opportunities for which you are qualified but may not be in the industry you have the most experience. You might be surprised to learn you are happy with the change and fare better in a new environment.

Open Your Mouth

Being laid off is not something you should necessarily keep to yourself. Start spreading the word as soon as you know you are looking for a new job. Chances are referrals from family, friends, and colleagues may get you in the interview door faster than your resume would. Use internet resources or professional agencies that do not charge you for placement services. Take advantage of government programs that have been devised to assist people in your situation.

Laid Off? What Now? was created by and is property of American Consumer News.

So what should you do if you find yourself suddenly without a job or health insurance?

The COBRA Way

The Consolidation Omnibus Budget Reconciliation Act of 1985, otherwise known as COBRA, requires that most employers provide continued coverage through their own group-sponsored plan for a term of up to 18 to 36 months. With COBRA, you will essentially keep the same type of coverage but will be responsible for paying the premium in full for the entire policy and any administrative costs that are incurred. Once your COBRA coverage has expired, you have a right to continuous coverage through an individual policy that does not pre-exempt you if there are preexisting medical conditions.

Inquire About Spouse Coverage

If your spouse has insurance coverage through their employer, you can check in with the benefits administrator and find out what type of coverage and rates are available for family members. If there is no outlet for reasonable insurance coverage with your spouse’s employer, you might find group health coverage plans if they belong to an association or organization that sponsors such programs.

Explore Different Policies

If the above-mentioned ways are not relevant to your situation, you can certainly take on the task of finding the best medical coverage for you, at a price you can afford. With the internet search capability we now have, it may be much easier to review and compare different plans and prices.

Check With Government Agencies

If you are in need of medical coverage but still have not found a new job, check with your local or state agencies about discounted medical care or programs requirements to enroll in government-sponsored health coverage.

Retirement Before Medicare?

If you are considering early retirement, it would be wise to cover all of your financial bases and that includes your medical insurance. If you retire before you reach 65, you are not eligible to receive Medicare benefits. Make sure you check with coverage, pricing, and insurance information before you retire.

Health Insurance To-Do’s When You Lose Your Job was created by and is property of American Consumer News.

Here are some things to consider as you contemplate changing jobs or if you are faced with the prospects of losing your job.

Get Started on a Plan

If you are going to leave your job, you need to have a plan. Or – even if you have no confirmation about an imminent job loss, you may have some gut instinct telling you what may lay ahead and you need to get your ducks in a row in preparation. Make sure your resume is as up-to-date and relevant as possible. Make sure your phone numbers, address, job experience, and skill sets are on track with your current situation. Keep an eye out for prospective new positions that are currently open so you will have an idea of what’s out there once you start looking actively. Consider how much longer you can stay at your present job before absolutely having to move on. Be prepared to leave your position in two weeks time, once you begin receiving other job offers. Do not burn any bridges along the way, as who you leave in the past may very well show up again in the future as a reference.

Take Advantage of Your Current Benefits

If you know you will be leaving for a new position or are about to be laid off, take time to set up doctor visits, eye exams, and dental appointments. Many times in a new job, you have to wait through a probationary period to start receiving benefits, if you get benefits at all.

Check In With HR

You should make a point to check in with your human resource manager about the status of your pension and 401k. You do not need to let them know you plan to leave or are looking for another job, but it is imported that you know what you have going on. For instance, you want to know if you are vested in the company and what the benefit will be. If you are not fully vested, find out how much more time you need to put in to be fully vested. If you are just short of the time needed, it would be in your best interest to tough it out or you risk thousands of dollars in your own retirement benefits.

Take Your Retirement with You

It is often recommended that if you have a 401k, you should roll it over into an IRA that will allow you more flexibility than an employers’ plan. If you do not understand the workings of retirement funds, make sure you consult with someone who does or do your own homework.  There may be limits or restrictions on your money and it can cost you dearly in taxes and penalty fees if you do not go through the process correctly or in the right time frame.

Build Up Your Nest Egg

While an unexpected job loss can be harsh on your financial situation, you should definitely have some type of financial cushion should you be the one to make the change. You should not impulsively quit your position without having a backup fund to keep you going while you look for a better position. It may feel terrible having to go to work everyday when all you want to do is stay away, but you will feel even worse if you are out of a job, out of income, and have no extra money to fall back on until you get on your feet again.

How to Plan for a Job Change – Unexpected or Otherwise was created by and is property of American Consumer News.