Like every other major life event, being laid off has associated financial and business tasks that arise. Since its a very emotionally draining experience as well, it really pays to treat these tasks as just another piece of business in your life. By trying to minimize the emotional connection, I think you can better focus on what needs to be done in a positive manner without going into the depression head under the pillow mode that we are all tempted to slide into. Here is a short list of some of the items I am working through right now.
1. Health Insurance. COBRA is where you can pay the full cost of your current insurance at your companies rate while you are between jobs. Being laid off or spouse laid off is a "qualifying change of status" so your spouse may be able to change their health insurance and other benefits due to the change. For example, we are going to enroll in my husband's health insurance plan now.
IMPORTANT TIP: Make sure not to have any lapse in coverage. If you have no lapse in coverage your next employers health insurance plan cannot "gotcha" you with any preexisting condition nonsense.
2. 401K rollover. My mom, the financial maven, along with my broker at Smith Barney both recommend rolling over the 401K to a rollver IRA. You can find rollover IRAs anywhere from your local bank, to an online broker such as Charles Schwab, to a full service broker such as Smith Barney. I recommend asking your contacts for a recommendation if you are shopping for a broker. Mine is Jessica L Anderson at Smith Barney, and she is great.
3. Life Insurance - if you had your life insurance through your company, you may now need to get your own term life insurance. You can gather various life quotes for insurance if you have people depending upon you for their support.
