COBRA or a new plan? Decide before the clock runs out

COBRA lets you keep your employer's health plan for a limited time after your job ends. It's familiar, but it's often expensive, and the window to choose something else is short.

What COBRA costs

COBRA usually lasts up to 18 months. You usually pay the full premium yourself, the part your employer used to pay plus your share, and a small administrative fee.

The deadline that matters

• You can enroll in a new plan within 60 days of losing your job-based coverage, even if you were offered COBRA.
• If you start COBRA and later cancel it on purpose before it ends, that usually does not open a new window. Decide early.
• When COBRA runs out on its own, you get another 60 days to pick a new plan.

How to compare

1. Get your COBRA monthly cost from the notice your employer sends.
2. Compare it with plans available to you, including deductibles and your doctors' networks.
3. Check the start date of any new plan before you end COBRA, so there is no gap.

Sources: HealthCare.gov: COBRA coverage · if you lose job-based coverage

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