Do not change your Health Insurance just yet

To ensure you have adequate coverage after leaving employment, it is advisable to keep the health insurance you invoking COBRA. It is your right to keep the same policy under the provisions of 1986 Consolidated Omnibus Budget Reconciliation Act (COBRA). COBRA allows you to keep your current coverage for a maximum of 18 months at group rates, once you quit your job. This applies only if the firm employs 20 people or more and you have not been dismissed for misconduct or incompetence. Check with the U.S. Department of Labor for more information on COBRA. Even with Cobra, the cost is likely to be costly because, once independent, you have to pay the full cost of coverage for yourself. Employees tend to pay only about 28% of their insurance costs according to the Kaiser Family Foundation.