Have you ever been laid off?

[Madison]

I was only offered a full time job here about two months ago, July 26, and had worked as a contractor for about three months prior to that. I learned this morning that, as part of a corporate downsizing plan, my position was being eliminated. Based on the prepared materials I was given, developed by a third party, it seems obvious that this is not limited to me alone and it's been some time in the planning.

Being that this has been my first real, respectable job and thus, my first time being laid off, what do I need to know? I am being offered a severance package of one month's salary and the option to continue with my health benefits at my expense for 18 months. I haven't yet received my benefits, though -- I filled out the paperwork for them last week, actually -- and am unsure if I can elect to keep them.

They have asked me to stay on as a contractor for the remainder of the year and I'm likely to accept that offer. Is that wise?

As you might imagine, I'm a bit flummoxed right now and I'm not sure, really, how much autonomy I have in making this go as well as possible.

So, yeah. Advice is needed and welcome. Thanks.