COBRA May be an Option for You

I'm not a fan of COBRA and here's why. If for whatever reason you no longer have insurance from an employer, you're offered COBRA as a band-aid between losing and getting new insurance. So, why not just get that "new" insurance that you plan on keeping for long-term now? Why risk going with COBRA (which is normally expensive) and getting ill (pre-existing condition) and then having trouble getting regular insurance. With that said, here's the 411 on COBRA.

The Consolidated Omnibus Budget Reconciliation Act (COBRA) is available to individuals with employer-sponsored insurance who lose that insurance between 1) they did not work the required number of hours, or; 2) they were laid off, fired, or quit.

With COBRA, you have the option to retain the same type of insurance provided by your employer, but at your expensive for up to 18 months. If disability occurs while on COBRA, coverage could extend another 18 months. You may be able to convert to a regular policy when the same insurance provider, once COBRA coverage ends.

Things may get a little tense when you're in this transition, but before your policy ends you will receive a letter giving you the option to sign up for COBRA. The letter will detail everything you must do (normally this is just to accept COBRA. They normally bill you later.)

The Department of Labor website has more information about coverage.
http://www.dol.gov/dol/topic/health-plans/cobra.htm

Your former employer is also required to tell you about your COBRA rights.