COBRA Benefits

If you are an employee and are fired or quit your job, you will lose all work-related benefits, including health insurance (assuming your employer provided health insurance in the first place).  COBRA gives you (and your spouse and dependent children) the right to continue as a member of your previous employer's health plan for a specified length of time, normally 18 months.   Your employer will no longer be picking up part of the cost of your health insurance so your monthly premium will be higher than it was when you were employed, but at least you have the option of maintaining health coverage while searching for another job.

Staying covered under your former employer's health plan is particularly important if you have a pre-existing condition such as cancer or diabetes.  When you find new employment with health insurance, there may be a waiting period before the new coverage kicks in.

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