COBRA (Consolidated Omnibus Budget Reconciliation Act) gives you the right to temporarily continue your employer's health insurance after you lose your job, reduce your hours, or experience other qualifying life events. It's essentially a bridge that keeps your existing coverage while you transition to new insurance.

The catch? You'll pay the full premium—both your portion and what your employer was contributing—plus a small administrative fee. This can be a shock since you're suddenly paying 100% instead of your usual employee contribution. COBRA typically lasts 18-36 months, depending on your situation. While it's expensive, it can be worth it if you have ongoing medical needs or want to avoid gaps in coverage. Just remember, you usually have only 60 days to elect COBRA, so don't wait too long to decide.