COBRA is not a Health Insurance Plan unto its self. COBRA is the right you have, as a former employee to a company with 20 or more other employees, to continue your medical insurance for as long as 18 months (or more in certain conditions). The former employee is allowed to keep this coverage with a no pre-existing conditions waiver, which is key for those with very expensive diseases such as cancer, diabetes or others.

The catch? You must pay for this coverage at 100% of its cost. Those on COBRA pay the premium from their own pockets. Cobra is some cases though can be less then individual health coverage. Those who have ANY pre-existing conditions though, this is definitely the best option, as while you are on COBRA these conditions will still be covered at the rate they were while you were employed.

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