THE CAREER CHANGE FINANCIAL PLANNER

Many thanks to Leslie Barrett (seated, left) and Manchester, NH-based Dynamic Networking Group for inviting me to present “Making the Most of Your Money: Post-Pink Slip and Beyond” at their monthly meeting yesterday!   

I think this quote sums up the experience perfectly.

Who dares to teach must never cease to learn. — John Cotton Dana

Despite the bad weather, turkey hangover, and Pats/Saints game (so much for that!), group members showed up energized and full of great ideas to share, resulting in a lively, informative discussion for everyone attending.   I enjoyed seeing familiar faces and meeting new, but I also picked up several valuable pieces of information likely to be of interest to readers of the blog.

First up… an issue on everyone’s minds these days: health insurance or, more specifically for this crowd, the COBRA subsidy enacted as part of this year’s stimulus package. One attendee in particular has been following this subject very closely (via useful Web sites nelp.org and unemployedworkers.org), and he graciously shared with us what he’s learned about the details of the program.

• There is an expiration date on the program, and it is rapidly approaching: December 31, 2009. However, it’s NOT that benefits to anyone who has been receiving them stop on that date; once benefits have begun, they can last up to 9 months. Rather, the deadline has to do with establishing initial eligibility for the program, i.e. no one terminated from employment after December 31 is eligible to participate in the program (details)… as it now stands.
• Having said that, there is talk in Congress of extending this program, but nothing’s definite yet.  (*** 1/2/10 Update — Good news!  The COBRA Subside has been extended.  Learn about what that means for you here.  ***)

In addition to health insurance, I also came away from the talk with some fresh points on life insurance, pension plans, and unemployment benefits for the self-employed.  Look for those to show up on the blog over the next few posts.

p.s. A big shout-out also goes to Todd Fothergill, Managing Director of Strategies for College, Inc. college planning services, for loaning us a projector!

Tags: Health Insurance, Involuntary career change, Job loss, Pink Slip Lemonade //