Consolidated Omnibus Reconciliation Act (COBRA) coverage provides an opportunity for eligible employees and their dependents to pay full premiums and continue their existing group health insurance coverage for a limited period of time (usually 18 - 36 months) after leaving a job or having another qualifying event, as defined by the IRS, that would result in the loss of such coverage.

You may qualify for COBRA if you lose health coverage due to a job loss, reduction in hours, divorce, death of the covered employee, or aging off a parent's plan as a dependent. 

COBRA offers the same benefit(s) you had as an active employee for medical, dental, vision, prescriptions etc. You’re also offered the same coverage levels: employee, employee and spouse, family etc.

You can elect less coverage. For example, if you had medical and dental with your previous employer, you could elect for just medical, just dental, or both. If your dependents were covered, you can elect to cover them all, only one of them, or some of them. You can reduce your plan/dependents, but you can never increase them

COBRA extends your current coverage, so you can keep your same benefits, deductibles, and prescriptions if you’re mid-treatment. And you can know that your pre-existing conditions will be covered. Some drawbacks are that COBRA can be expensive since you now pay up to 10% of your premiums instead of benefiting from cost-sharing through your employer. Finally, COBRA is temporary: coverage only lasts 18-36 months. 

Individual plans may start you fresh in a new network. Your coverage is permanent (or lasts until you elect to change plans). Often individual plans can be cheaper, since subsidies and tax credits are available that can lower your monthly premium costs. They also offer you the flexibility to change your plan during enrollment periods. Some drawbacks of individual plans are that you may have to find new providers in new networks. You may have to pay out-of-pocket for care for pre-existing conditions for the first year on your individual insurance. You’ll also have to navigate new deductibles and prescription drug costs.  

The better option will be the one that best meets your needs based on your health status, transition, and budget. Evaluate your options to determine which option is right for you.

COBRA lasts 18 - 36 months, depending on the qualifying event. This gives you time to find a new health plan.

The goal of COBRA is to cover you until you find a new job or find a new insurance provider that meets your needs. If you don’t have another option when your COBRA runs out, you may qualify for a special enrollment period to help you find new individual coverage and avoid gaps. That said, don't wait until the last minute. COBRA gives you breathing room to handle a transition, but ensuring coverage after COBRA is up to you.