As coronavirus prompts more layoffs and furloughs, here's what you need to know about unemployment benefits, health insurance and more.
If you lose your job through a layoff, you may be offeredcontinuation coverage by your former employer, which allows you to maintain the same benefits ― at your own expense ― that your employer’s health plan covered.
If your employer says your health plan can continue, your employer needs to communicate with you on how employee deductions will work when you are not getting a paycheck. “The employer would have to figure out, ‘Are we going to pay it for the employees, the employer and the employee portions, or is the employee going to pay it when they get back?’”Some companies that are doing furloughs are letting employees use their paid vacation days.
If you are laid off, your state law determines if you are paid out for unused paid vacation time or not. As for your 401, once you are terminated, you “For someone who is in limbo waiting to get reinstated for their job, that’s a real problem,” she said, adding,Is it better to be furloughed or laid off?
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