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Panic is a math problem: resources ÷ monthly drain = months. Fix either side.
The first question after a layoff isn't "what's next" — it's "how long do I have." The answer is division, but honest division: liquid savings plus NET severance (run the severance calculator first — the gross overstates it by the tax bill), against a monthly drain that includes the COBRA premium you weren't paying as an employee. Unemployment changes the shape: while benefits last (typically 26 weeks), the drain shrinks; when they end, you're at full burn. A typical profile — $20k savings, $32k net severance, $4,500 burn, $800 COBRA, $450/week UI — runs 12.1 months, not the "six months of savings" the raw savings number suggests. This calculator gives you the real number and shows which lever moves it most.
Newly laid-off workers use it the first weekend: savings plus NET severance plus UI against burn and COBRA, phased across the 26-week benefit cliff — the real survival number, and which lever (COBRA→ACA, burn cuts) moves it most.
Federally, yes — every dollar of UI is taxable income (you'll get a Form 1099-G), and nothing is withheld unless you elect it (Form W-4V, 10% flat). Most states with an income tax exempt UI partially or fully. Set aside ~10% of each payment or elect withholding — an April bill on top of a layoff is the double-hit nobody plans for. The silver lining: a low-income year is also the best Roth-conversion window you'll ever get.
Price both before electing — you have 60 days. COBRA keeps your exact coverage but costs 102% of the full premium (often $700–$2,000+/month family). A layoff is a special enrollment event for the ACA marketplace, and at layoff-level income, premium subsidies can cut a Silver plan to a fraction of COBRA. The catch: if you've already met your deductible for the year, COBRA preserves that progress; an ACA plan resets it. Mid-year with a big deductible met, COBRA often wins despite the premium.
Yes, immediately. States handle severance differently — some ignore it, many delay benefits until the severance-covered weeks pass, a few offset dollar-for-dollar — but the determination is the state's job, not yours. Filing starts your waiting-week clock, locks in your benefit year, and costs nothing. The worst outcome is deferred benefits; not filing converts "deferred" into "never."