The shock of losing their job means many people sign whatever is asked of them and take whatever severance package the employer offers. However, Federal law gives many employees 21 days to consider the offer. Once you have signed an offer, those employees may have a further seven days “cooling off” period. You should use this time to read the employer’s handbook and prepare yourself to negotiate for the things you really want in your severance package.

Medical Insurance

The company is required by law to offer you COBRA coverage; this entitles you to medical coverage at a much lower rate than you would pay by yourself. However, COBRA will only last for 18 months; if you believe you will be looking for work longer than that you should negotiate a longer period with the company.

Vacation Pay

You will need to check your severance package carefully as many companies fail to pay employees the correct amount of vacation pay. If you work for a company that allows you to accrue vacation days from one year to the next you will also need to negotiate your unused- vacation pay. Sit down and calculate all the vacation time you have not taken in past years as well as the current one.

Outplacement

According to statistics provided by Forbes, over two-thirds of U.S employers provide outplacement services. This usually involves career counseling and temporary office space, usually as part of a group in several workshops. If you have an office at home, consider trading the temporary desk and phone at work for one-on-one coaching instead of group service.

Stay-On Bonus

If you are in the middle of important work there is a good chance your employer will not want you to drop it and waste your hard work. Ask for a bonus to stay on and finish the task, explain their alternative is hiring someone less knowledgeable to complete it or lose it altogether. Past outplacement have seen people offered around 50-percent of their salary to stick around and complete a project.

Bridging to Retirement

Check out your employer’s policies on when a person is eligible for a pension. If you are not far from being eligible, you can request to be bridged. Despite the fact bridging does not cost a company a lot of money, as you are already funded; many companies are reluctant to offer this in a severance package. Do not let this put you off as you never know until you ask.