Career Backup Plans - Part One - Page 2

Oct 3, 2007

George Spafford

  • Continuing insurance through the employer via COBRA.
  • Obtaining coverage via your significant other’s employer.
  • Purchasing medical insurance through a third party insurance company. Talk to your home/car insurance agent and discuss options.
  • Some insurance companies have a temporary major medical insurance you can avail of that only covers emergencies.
  • Investment firms sometimes have a number of health insurance options including ones with flexible spending accounts (FSAs).
  • In some states you may want to verify with your automotive insurance company and confirm that they are the primary insurance for medical coverage in the event of an automotive-related accident. In some states they do not have to be.
  • Unemployment . Understand the unemployment coverage process. As a professional you may find the reimbursement to be low and the process disdainful but it may mean the difference between covering critical expenses and not. Depending on the state you live in there may also be job search assistance, etc. This is a social service that you have contributed to. By understanding the application process you will know what to do, if needed, and factor it into your plans.

    Non-Competes and Non-Disclosures. When you joined your current/former employer you probably signed some legal documents that you may only vaguely remember now. One was likely a non-compete that identifies what you can not do and for how long in terms of going after the same customers and markets as your them.

    Another document, or perhaps in the same document as the non-compete is a non-disclosure agreement spelling out what is proprietary information to the employer that can not be shared.

    To avoid running afoul of these agreements if you have them, search out legal counsel. For some people these documents aren’t a concern. For others though, these are very concerning and need to be reviewed. You should always save copies of these documents when you sign them. If you no longer have copies, request them from HR upon your departure. Again, if you are concerned, legal counsel can draft a formal letter requesting these documents.

    This draws us to the end of the first article. Hopefully this gives you some thoughts to consider. In our next article we will review what to do next. Again, if you are worried about your job, or want a backup plan just in case, then now is the time to plan.

    George Spafford is a Principal Consultant with Pepperweed Consulting and a long-time IT professional. George's professional focus is on compliance, security, management and overall process improvement.

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