Title: How long does unemployment insurance last?
Headings: How long does unemployment insurance last?
How long does unemployment insurance last?
How long unemployment benefits last during the pandemic
Some workers may earn more from unemployment than their jobs
More unemployment coverage could be on the way
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Content: Additionally, “In this particular period in history, getting an unemployment check isn’t good just for you, but it’s good for the local economy, and it’s an important public health measure,” Michele Evermore, senior policy analyst with the National Employment Law Project, told CNBC Make It. “ People need to take these benefits and not be making ends meet by going out to work.” While expanded unemployment benefits can provide jobless Americans with continued income, it doesn’t make up for lost employer-sponsored benefits, such as health insurance. Workers who received health insurance from their employer can remain covered for up to 18 months through COBRA, but this is often an expensive option. Furloughed workers, meanwhile, can retain company-sponsored benefits if their employer chooses to offer it, and they also qualify for unemployment. More unemployment coverage could be on the way
Expanded unemployment benefits provided under the stimulus bill are payable through the end of 2020. But it’s possible Congress will pass more legislation to extend unemployment payouts and length of coverage the longer the pandemic upends the economy. As unemployment rates rose during the 2008 financial crisis, for example, Congress passed legislation to extend unemployment benefits by 13 weeks. As the Great Recession wore on, Congress passed additional extensions to provide benefits through 2013, or up to a total of 99 weeks, for states experiencing continued high unemployment. Evermore tells CNBC Make It she expects expanded financial lifelines to kick in soon.