As the economic toll of the coronavirus pandemic deepens, jobless claims have spiked to unprecedented levels, with a record 3.3 million Americans applying for unemployment benefits during the week that ended on March 21.
Taking some smart, practical steps at the outset, though, can make those financial challenges more manageable and help ensure a temporary job setback doesn't have a more lasting impact on your personal economy. Here's what you need to do. At least 19 states, including hard-hit California, New York and Washington, have waived the common one-week waiting period to collect benefits.
You can find out the rules in your state, get links to apply for benefits online and view updates on unemployment policies related to COVID-19, at CareerOneStop.org, which is sponsored by the U.S. Department of Labor. But you don't have to wait for Congress to act to get money from Uncle Sam, if you're among seven in 10 taxpayers who typically gets a refund on your taxes and you haven't yet filed. The average refund so far this year, according to the IRS: $3,064.
Your best bet if you're married and your spouse still gets health insurance through work is to go on your partner's plan, recommends Les Masterson, managing editor at Insure.com. A layoff is considered a qualifying event so you can sign up even though open enrollment is over at most companies and, he says, this option will typically be cheaper than an individual plan purchased through the government marketplace.
The one option you should bypass completely: short-term health plans, touted as an affordable stopgap solution to bridge you until you find a job with health insurance or decide on alternative coverage. Often these plans lack essential features like preventive care and may exclude many conditions and illnesses—including COVID-19.
But make sure to keep at least one or two of your favorites for your mental health—this is a stressful time even without the added pressure of losing your job. A $13-per-month Netflix subscription won't burn a huge hole in your wallet and catching up on Stranger Things can be a nice distraction if you're quarantined.
But some issuers have said they're helping customers cope during the COVID-19 crisis without specifying what they're doing, says Bill Hardekopf, a credit expert at LowCards.com."A lot of companies are assisting customers on a case-by-case basis," he says. Your best approach?"Call your credit card company's customer service line to discuss your options," Hardekopf says.
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