Feb 16
As companies across the country shed jobs like they’re going out of style, it’s no small wonder that for most Americans, buying a new car falls just behind fixing the busted septic tank on the to-do-list.
Don’t get me wrong – we’d all love a fresh new set of wheels. With the economic 8-ball still touting “future uncertain,” many are opting to squeeze a few more miles out of the old rust wagon rather than compile more debt.
But what if you NEED a new car but you’re worried about your financial future? Try Hyundai.
In an attempt to combat the economic uncertainty afflicting would-be car buyers, Hyundai is rolling out a new plan to attract customers: a return policy. As reported by MSNBC, the auto company will now allow new car buyers to return their vehicles up to one year from purchase in the event of “life-altering circumstances” such as a layoff, job transfer, or even personal bankruptcy for the self-employed.
The “Hyundai Assurance Program” is the first of its kind. With millions of Americans facing the possibility of unemployment, look for other companies to introduce offers aimed at luring back hesitant customers worried about a forthcoming pink-slip. The silver lining, I suppose.
Sure: a Hyundai might not be your dream car. But it’s only a coat of paint and a fresh set of rims away from being a stock car on the upcoming Fast and the Furious movie (you know, Vin Diesel is all over this.) Just make sure you ditch the spinners and neon lights before you try to return it.
– Jeff Gardner
Feb 11
The nicest part about getting severance was that my health insurance continued after I got canned. It was one less thing to worry about. After the severance period was up, though, there were lots of tough decisions. COBRA is insanely expensive. Continuing my group coverage through COBRA would have cost me almost $600 per month. I ended up going with Healthy NY at less than half that, but sacrificed some coverage in the process.
A recent study shows that for family coverage, COBRA eats up 84 percent of unemployment benefits on average. For individual coverage it’s a more “manageable” 30 percent. Either way, the outlook for paying bills and putting food on the table is grim.
The American Recovery and Reinvestment Act (that $787 billion stimulus bill that will likely be signed into law by week’s end) sets aside $24.7 billion to help offset the costs of COBRA. Uncle Sam will pick up 65 percent of your premiums by issuing a credit directly to your employee benefits provider. You are eligible for this subsidy for nine months if you were laid off on or after September 1st, 2008. Your nine months of eligibility start the first month that you receive a subsidy and no subsidies will be issued for premiums that you have already paid.
If you already opted out of COBRA, contact your former employee benefits provider. If they are willing to extend group coverage, you still qualify for this subsidy. Unfortunately for me, I got canned on August 27th — four days shy of eligibility!
To learn more about COBRA, check out this page on TheCanned.com.