Meanwhile, you'll be paying for 24 weeks of coverage. And, so, 24 times $511 means, the maximum payout is $12,264 in taxable income, so maybe $8,000 in net cash.
So, at the 7 year mark (or maybe right now), just start questioning whether a simple, ordinary savings account would have been the better idea.
And, oh yeah, you don't get 24 weeks coverage until you've paid for coverage for 6 months. Otherwise, you just get back maybe $600 at best, and then The End. So you'd better have six months living expenses (or a solid job), AND $600 to pay into the policy, before even bothering, otherwise you're still screwed.
No, I just meant in general. Under the circumstances that you're fully employed for 7 or 8 years, and never need to make a claim, the maximum payout is always 24 weeks of unemployment supplements. Therefore, after 8 years, you might have paid more than you'll ever get back, even with incremental raises during that lengthier period of time.
So, at the 7 year mark (or maybe right now), just start questioning whether a simple, ordinary savings account would have been the better idea.
And, oh yeah, you don't get 24 weeks coverage until you've paid for coverage for 6 months. Otherwise, you just get back maybe $600 at best, and then The End. So you'd better have six months living expenses (or a solid job), AND $600 to pay into the policy, before even bothering, otherwise you're still screwed.