Consider the COBRA option
Though it's considered an expensive option, COBRA -- which stands for Consolidated Omnibus Budget Reconciliation Act -- health insurance may also be the easiest to get. Here are some of the key characteristics of a COBRA plan:
- This program allows you to purchase the coverage you had through your employer by paying the group plan premium plus an administration fee of up to 2 percent.
- You have 60 days after getting a COBRA letter from the plan administrator to sign up, then another 45 days to pay the first premium.
- The law requires employers with more than 20 employees to offer COBRA for 18 months to those whose employment was terminated.
- When COBRA ends, you may be able to convert to an individual policy.