The kicker, though, is that you will have to pay the premiums for coverage, and we've never been able to figure out how someone who is unemployed can be expected to pay COBRA's rates. Even at a lower, advantageous group rate, COBRA usually runs hundreds of dollars per month, and that's just for an individual. Sometimes you can negotiate to get your employer to continue paying your health insurance for at least as long as the period covered by your severance pay. But for backup, investigate less expensive plans that might be available at group rates through professional associations.

5. Work out a "lean and mean" success plan. (Remember, we don't call it a "budget!") Which expenses could you cut or scale back to survive a layoff? Some people might call this a budget for hard times, but why think so pessimistically? Your employer, if he or she has half a brain, has wielded the ax as part of a lean and mean success plan. So why shouldn't you think the same way? It's a lot easier, and a lot less emotionally taxing, to figure out a budget when you're working rather than after you've been laid off. Maybe your first cutback will be a birthday gift you were thinking of giving your boss - sometimes revenge is sweet!

6. Sharpen your professional skills. Go to conferences and training programs, take courses, read professional journals, and stay on top of developments in your field. Vow to learn at least one new skill every year. This way you'll have capabilities that are in demand.

7. Rehearse your negotiation tactics while you're still employed. Figure out what sort of severance and benefits package you might be able to ask for. You might even want to line up a lawyer. All of this will be easier when you're still getting a paycheck and can plot a strategy without losing your cool. The best time to negotiate a separation deal is right at the time you're laid off. If you have been a valuable employee, if you've been there a long time, if you've had a cordial relationship with your boss, remind him or her of that. This might be an emotionally trying time for the person who has to lay off a large number of staffers. Concessions are in order. What is the worst the company can do if you ask for an extra month of severance and benefits?

Let you go?

These are important steps you can take while you're still employed to cushion the blow if you do get laid off. It's never a pleasant experience, but having a plan in place will help you pull up your bootstraps and get to work finding your next job.

If you've already been laid off or find yourself out of work and would like our advice, click here to read What to Do When You're Out of Work.

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