JOB loss is financially and emotionally scary.

What once was a stable career is now gone. Workers can start to experience money panic as they try to pay bills without a consistent income.

Whether recently laid off or working a steady job, it’s good to know about the benefits available to those who have lost their jobs.

“It’s vital to get beyond the trauma and the panic as soon as possible, so it’s important to be aware that there are laws, programs and safety nets to help you get through the rough patch,” said Elizabeth T Hill, a New York City lawyer who specialises in employment law and litigation.

Here are a few of Hill’s informational tips on the benefits and payments offered to former employees:

US health insurance

“If you are currently covered by your employer’s health insurance, you are entitled, under COBRA, to 18 months of continued coverage, at a cost to you of 102 per cent of the premium formerly paid by your employer,” Hill said.

Even if you were fired for just cause, you still are eligible for medical, dental, vision and prescription drug coverage, as long as it was offered when you were employed. Your employer must notify you of your right to choose continued coverage within 44 days of your termination, she said.

Pension

“You are entitled to the vested portion of your pension, or other deferred compensation, under ERISA (Employee Retirement Income Security Act), regardless of the reason for your termination,” Hill said.

If the employer denies your pension claim, it must be in writing and within 90 days of when you submitted the claim. If your employer does deny the claim, immediately see a lawyer to help make sure you don’t lose your pension forever, Hill said.

Severance pay

Employers may provide severance pay, or termination pay, to employees upon termination of employment; the amount is usually based on length of employment. Employees should check the employee handbook for the company policy on severance.

“By the same token, most employers do not provide severance when employees have been terminated for cause or have resigned,” Hill said.

Your last paycheck

“You are always entitled to your last paycheck,” Hill said.

If your employer withholds your final paycheck, you can file a claim with your state’s labor department. For more information, visit www.dol.gov/dol/topic/wages/lastpaycheck.htm.

Unpaid commissions

“Commissioned salespeople and sales representatives are usually entitled to commissions that were earned before termination,” Hill said. “You must, however, have been an employee.”

year-end bonus

“You are sometimes entitled to your year-end bonus, prorated to the number of months served before termination,” Hill said. “You are generally entitled to the bonus when your employer, in your offer letter, the employee policies manual, or elsewhere, has put into writing that the bonus will be paid based on the preceding year’s performance or according to some set formula, such as percentage of your division’s annual profit.”

However, she said, you are usually not entitled to a bonus that is used as incentive compensation to encourage high performance in the future.

Unemployment compensation

Unemployed workers are entitled to unemployment compensation if they were not fired for cause or if they did not resign. However, even if you were fired or resigned, you should file for unemployment, Hill said.

“Sometimes even employers who have fired you for cause may not choose to contest benefits,” Hill said.

These tips were printed in the May 2006 issue of The Five O’Clock News, a publication of The Five O’Clock Club, a national career-counseling network. For additional advice on handling a job loss, visit www.FiveOClockClub.com.