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Miami Herald
28-05-2025
- Business
- Miami Herald
What to do when your spouse loses their job
If you depend on your spouse's job to help cover your day-to-day expenses and save for the future, it can be hard to hear that they've been let go at work. And you may not be sure what to do when your spouse loses their job. Once you've gotten over the shock, there are steps you can take together to get through this shakeup. Here's a comprehensive rundown from Freedom Debt Relief of what to do when your spouse loses their job. Key Takeaways: When your spouse loses their job, it can have a financial and an emotional out health insurance and unemployment benefits for ways to cut spending, and to support your spouse in their job search. The First Things To Do When Your Spouse Loses Their Job Supporting your spouse when they lose their job can make a tough situation easier. Your spouse may need at least a few days to get over the shock and regroup. Give your spouse some space to wallow, and encourage them when they're feeling down. But also focus on these moves. Figure out health insurance If you relied on your spouse's job for health insurance, you need to figure out another way to get coverage. If you're working, see if you and your spouse can get onto your employer-sponsored plan. If that's not an option, consider COBRA (a law that lets you continue employer-sponsored coverage, if you pick up the employer's part of the cost) or more affordable solutions like the Affordable Care Act Marketplace. You can also find out if you qualify for Medicaid. Sign up for unemployment benefits Do this right away because there's often a mandatory waiting period after you file before benefits kick in. Unemployment benefits won't replace your spouse's paycheck in full when they lose their job, but they can replace a portion. You're generally eligible for unemployment benefits when you lose a job through no fault of your own. Benefits are usually paid weekly, and the amount you get depends on your state and your former salary. Find out about severance It may be that your spouse is entitled to a severance package, which could put some money in your pockets while they begin a job search. Encourage your spouse to talk to their human resources department for details. Find out whether your spouse can cash out unused sick or vacation time If your spouse accrued sick or vacation days that they didn't use by the time they were laid off, they may be eligible to get paid for that time. This, too, is a question for the human resources department. Get on a budget It's important to maximize your joint income when a spouse loses their job. Create a budget and aim to find expenses you can cut back on temporarily. You may be able to pause subscriptions, a gym membership, or even your mortgage payments if you're in the midst of a financial hardship. Assess your savings If you have an emergency fund with enough money to cover a few months of bills, see if that can take some of the pressure off while your spouse regroups. You should still get onto a budget and trim expenses, but it's helpful to know how long your savings can sustain you. Know your rights If you think your partner was discriminated against in the course of losing their job, there may be something you can do. Check with your state's Department of Labor or search online for legal aid groups. You can also contact employment attorneys. Many offer a free consultation in which they offer an opinion on whether you should move forward with a case against the employer. Priorities to Focus On During the Job Search When you get upsetting news, it can be tough to deal with at first. But after the reality of unemployment has set in and a few weeks have passed, consider doing the following. Get a handle on your debt While debt management with a loss of income is hard, it's not impossible. If you can no longer make your debt payments, contact your creditors and lenders to find out what options are available. They may allow you to make partial payments or defer your payments, especially if you've always paid on time. You can also potentially avoid adding to your debt by dipping into your emergency fund or picking up a side gig to pay for basic expenses. Support your spouse's job hunt There are a few ways you can help your spouse while they look for a new job. Be a sounding board for resume updates. Keep your eye out on sites like Indeed, LinkedIn, and Monster for positions that you think may pique their interest, or that might be something new to consider. Reach out to your professional and social network to drum up leads. Most importantly, help keep your spouse's spirits high, and reassure them that they will eventually land a job. Stay mentally and physically healthy It's important to keep your spirits-and your spouse's-up when they lose their job. Having no routine could be tough on your spouse, so try to find ways to get them moving and out of the house. That could mean going for a walk together every evening when you get home from work, or finding an online yoga class. Tap career resources Your spouse may be eligible for employment and training programs offered by your city or state. Or there may be free courses online that can help your spouse boost their skills. Help them look into their options so they don't feel like they're going through this alone. Strategies for Getting Through a Long Job Search You can hope that your spouse will find a job pretty quickly after losing one. But that may not happen. Many employers have lengthy interview processes that can take months to complete. And also, it's important for your spouse to find a new job that's a good fit. But if your spouse's job hunt seems to have stalled, you can do the following. Help your spouse change industries If your spouse hasn't been able to find work in their field, it may be time for them to consider expanding their horizons and changing industries. Find out which industries are in high demand, and discuss those options. If your spouse expresses interest in one of them, there may be training and education programs to enroll in. Try to frame your spouse's career change as an exciting opportunity, as opposed to something they're doing out of necessity. Rethink near-term financial goals You may have had plans to remodel or buy a home, pay off your car, or start a college fund for your children this year. Your spouse's unemployment may force you to temporarily rethink your financial plans. But remind yourselves that you're not giving up on your goals-you're just shifting them a bit due to circumstances outside your control. See if you're eligible for government benefits If your household income has taken a big hit, you may be eligible for certain benefits you weren't entitled to before. These could include Medicaid and SNAP. Research whether moving might help If your spouse is having a hard time finding work where you live, it may be time to consider a move. Or you may decide to move to lower your costs while your spouse is in the midst of a career transition. Research different parts of the country together to see what options you have. Be creative about income If it's been a while since your spouse collected a paycheck and their unemployment benefits are running out, find creative ways to boost your income. Rent out an in-law unit you don't use; sell stuff you no longer want or need; get a part-time job; and do whatever else you can think of to make some extra money. And remember: This too shall pass. Be a sounding board Being unemployed long-term can be tough, but your support can get your spouse through it. Commit to being a sounding board throughout their job search. Celebrate their wins, like getting interviews, and let them vent when they're down, like when they're passed over for another candidate. Consider debt relief If the loss of your spouse's job has made your debt situation worse, it may be time to explore options for debt relief. A debt relief company can help explain your choices, and help you find a solution that can put you on the path to a better financial future. Frequently Asked Questions Will losing a job hurt my credit score? The loss of a job won't directly affect your credit score, since employment isn't a factor in calculating it. But the loss of income you experience could cause you to fall behind on your debts. That, in turn, could result in a lower credit score. Can I pause my debt payments if I've lost my job? That's up to your lenders and credit card issuers. Contact them and let them know your situation. They may agree to pausing your payments for a time without reporting you to the credit bureaus as delinquent on your debt. Should I take out a loan if I've lost my job to cover my expenses? It can be tricky to qualify for a loan if you don't have an income. Plus, you might struggle to pay the loan back if you aren't working. This story was produced by Freedom Debt Relief and reviewed and distributed by Stacker. © Stacker Media, LLC.
Yahoo
30-04-2025
- Business
- Yahoo
‘It's been a long road;' Woman's health insurance nightmare comes to an end 18 months later
After 18 months of fighting, a woman told News Center 7 I-Team she is relieved because she's finally solved a health insurance nightmare. [DOWNLOAD: Free WHIO-TV News app for alerts as news breaks] In November, the I-Team first reported that the woman's health insurance company changed and then cancelled her coverage, without her permission. Lorie Delaney has spent a lot of time on the phone over the last year and a half fighting for her family. 'Frustrating, angry, overwhelming,' she said. This week, the call from the Affordable Care Act Marketplace was different. TRENDING STORIES: Babysitter wanted after 1-year-old suffers third-degree burns Uber driver wearing 'Retired Drug Dealer' shirt arrested after 24 grams of meth found in car Severe storms sends trees crashing into homes, powerlines across Miami Valley 'I told my husband, I said, 'I'm crying.' I said, 'but all tears of joy,'' Delaney said. In November, News Center 7 reported that Delaney and her husband, Randy, said a rogue insurance broker treated their healthcare like a pinball. Bouncing them around from one ACA insurance plan to another to make money. News Center 7 uncovered that it's happened to hundreds of thousands across the country who rely on the ACA. That rogue broker incorrectly adjusted the Delaneys' income several times, which can cause IRS penalties of thousands of dollars. 'We went ahead and paid the $14,421 federal tax bill that was due,' Lorie said. Before that, Lorie appealed, saying she thought her tax forms were incorrect because she was victimized by fraud within the ACA Marketplace. Just this week, she learned she won the appeal. She'll be getting corrected tax forms to file, and then about half of that 14,421 dollars. 'Like I said, they were happy tears that maybe we can finally close the door on this chapter and be done. So, it's been a long road,' Lorie said. Lorie said she's talked to a lawyer about joining the class action lawsuit. The class action lawsuit claims families who rely on the Affordable Care Act Marketplace for healthcare are victims of a multimillion-dollar health insurance fraud scheme. The companies named in the lawsuit have denied wrongdoing. [SIGN UP: WHIO-TV Daily Headlines Newsletter]
Yahoo
15-04-2025
- Health
- Yahoo
Illinois Gov. Pritzker and other Democrats sign letter protesting changes to healthcare
CHICAGO, Ill. (WTVO) — Illinois Gov. JB Pritzker has joined four other Democrat governors in signing a letter protesting the Trump administration's proposed changes to the Affordable Care Act Marketplace. The efforts are part of President Donald Trump's announced efforts to cut the federal budget and reduce the burden to taxpayers. The budget resolution adopted by the House in February calls for $880 billion in budget cuts for the House Energy and Commerce Committee, which oversees Medicare and Medicaid. While Trump has denied plans to cut Medicare or Medicaid, analysts say it would be impossible to reduce the committee's budget without those cuts. The proposed Marketplace Integrity and Affordability Proposed Rule would revise standards relating to past-due payments, exclude Deferred Action for Chilchood Arrivals (DACA) recipients from certain coverage, change work requirements for eligibility, and remove mandates for insurers to cover gender affirming or sex-trait modifications. 'It's a clear signal that, certainly, the federal government would not be looking to ensure that coverage is not discriminatory, as it has been doing before,' Katie Keith, director of the Center for Health Policy and the Law at Georgetown University. Analysts say the potential changes would shift Medicaid costs away from the federal government and to the states, which have to make up the difference. The federal government covers 90% of expansion states' Medicaid budgets, with nonexpansion states receiving a of 50%-77%. The governors contend that the proposed rules would result in higher insurance premiums and cause low-income residents to abandon healthcare coverage altogether. The letter, signed by Gov. Pritzker, Gov. Jared Polis of Colorado, Gov. Michelle Lujan Grisham of New Mexico, Gov. Wes Moore of Maryland, and Gov. Tina Kotek of Oregon, is addressed to Peter Nelson, Director of the Centers for Medicare & Medicaid Services. 'Any rule changes for the 2026 plan year, which will be filed for approval in late spring, create ahigh risk of destabilizing state health insurance markets, particularly as Congress contemplatesthe expiration of enhanced Affordable Care Act (ACA) tax credits and cuts to Medicaid,' the letter reads. The governors jointly argued against key concerns, such as restricting the state's ability to set open enrollment periods and determine eligibility for coverage, eliminating options for special enrollments, and changing premium adjustment calculations. 'Once again, it is clear that the Trump Administration will stop at nothing to restrict access to health insurance for Americans,' said Pritzker. 'This proposed rule will cause confusion, make it harder to enroll, and limit healthcare access for the most vulnerable Illinoisans.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
