5 tips to help employees maintain healthcare coverage after layoffs

Published January 5, 2023 1:57 PM EST Updated January 5, 2023 2:02 PM EST 2 Min Read

You’ve just been laid off. What happens to your healthcare coverage?

It’s a question workers across the country have pondered in recent months — and more will undoubtedly have the same concern in 2023. Nearly 100,000 tech workers lost their jobs in mass industry layoffs throughout 2022, according to Crunchbase. Already this year, Amazon has announced plans to eliminate 18,000 jobs. Industries from manufacturing to financial institutions are feeling the economic crunch as well, with recent job cuts hitting Goldman Sachs and Morgan Stanley.

An employer has 14 days to share continuation of health coverage (COBRA) notifications and rights with an employee who’s been laid off. Once those materials are shared, ask an employer for access to a benefits adviser to help you understand the options available, and really understand what COBRA coverage entails.

“People often don’t realize that COBRA coverage is the exact same plan they had, just with the cost redistributed,” Lacher says. “Step one is really reviewing existing COBRA options, costs and plans, and from there you can decide if it’s right for you. An insurance broker is a neutral source.”

Stephanie Schomer

Editor-in-chief

Stephanie Schomer is the editor-in-chief of Employee Benefit News. She was most recently the deputy editor of Entrepreneur magazine and previously held positions at Entertainment Weekly, … Read full bio

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