What are the two biggest reasons most people are afraid to lose their job? Loss of a paycheck is number one, of course. But close on its heels is the loss of health insurance coverage.
Employers are required by law to offer continued coverage to laid-off employees under the COBRA Act, but such coverage is offered at premiums that can be as large as a house payment. And it only lasts for a limited period of time. Private plans are an alternative, but these also require hefty premiums, and people with pre-existing conditions may not qualify.