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Economic Survival Tips
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Financial Tip
 Protect your financial documents from disaster by keeping them in a safe deposit box at a bank or credit union.
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home › economic survival tips › Preparing for Job Changes › My hours are reduced or I'm on unpaid time off
My hours are reduced or I've been asked to take unpaid time off
 
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It’s the vacation no one wants to take. During tough, financial times, employers look for ways to avoid a layoff by eliminating hours and benefits, and even forcing employees to take unpaid time off.
If this is happening to you, first, be thankful you still have a job. Then, find out if you’re eligible for unemployment benefits. If your income has been reduced by 50 percent or more, you might be.
If tough times persist, employers eventually let workers go. Now is the time to prepare for a change in income and employment.
Find Health Benefits
If your benefits have been eliminated because you’ve been reduced from full-time to part-time status, start shopping for health insurance immediately. According to Freddie Mac, large medical debt is the chief cause of late mortgage payments, but the risks of not having health coverage don’t stop there. For example, if you’re sick, you can’t work and you can’t bring in income. Certain types of coverage will pay you while you can’t work.
Organizations like ehealthinsurance.com and Blue Cross, Blue Shield offer individual or family plans at reduced rates. Also, many professional associations offer health insurance to their members.
You may be eligible for COBRA, which continues your employer’s health insurance. It can be expensive. Research whether it’s the best option for your needs.
If you are part of a two-income family, consider being added to your spouse’s benefit plan.
Increase Financial Health
Now’s a great time to proactively make changes and choices that help you face economic uncertainty with less fear. Throughout this site, you’ll find dozens of suggestions. Here are just a few.
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It’s the vacation no one wants to take. During tough, financial times, employers look for ways to avoid a layoff by eliminating hours and benefits, and even forcing employees to take unpaid time off.
If this is happening to you, first, be thankful you still have a job. Then, find out if you’re eligible for unemployment benefits. If your income has been reduced by 50 percent or more, you might be.
If tough times persist, employers eventually let workers go. Now is the time to prepare for a change in income and employment.
Find Health Benefits
If your benefits have been eliminated because you’ve been reduced from full-time to part-time status, start shopping for health insurance immediately. According to Freddie Mac, large medical debt is the chief cause of late mortgage payments, but the risks of not having health coverage don’t stop there. For example, if you’re sick, you can’t work and you can’t bring in income. Certain types of coverage will pay you while you can’t work.
Organizations like ehealthinsurance.com and Blue Cross, Blue Shield offer individual or family plans at reduced rates. Also, many professional associations offer health insurance to their members.
You may be eligible for COBRA, which continues your employer’s health insurance. It can be expensive. Research whether it’s the best option for your needs.
If you are part of a two-income family, consider being added to your spouse’s benefit plan.
Increase Financial Health
Now’s a great time to proactively make changes and choices that help you face economic uncertainty with less fear. Throughout this site, you’ll find dozens of suggestions. Here are just a few.
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