If you lose your Job

COBRA

Under a federal law known as the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA), group health plans sponsored by employers with 20 or more employees are required to offer continued coverage for you and your dependents for 18 months after you leave your job. The same law dictates that following an employee's death or divorce, the worker's family has the right to continue coverage for up to three years.

What if you can't afford individual coverage?

Ask yourself three questions:

• Are you healthy?
• Are you not yet eligible for Medicare?
• Do you plan to take a job that will provide health insurance soon?

Answer yes to all of the above, and the solution may be a "short-term" or "interim" policy. Typically, short-term policies are written for two to six months and are renewable only once. They cover hospitalization, emergency and intensive care, as well as necessary expenses for related services performed outside the hospital -- like X-rays and lab tests.

Want some helpful tips on choosing a health plan? Take a look at these ... >> click here