COBRA
The Consolidated Omnibus Budget Reconciliation Act—let's call it COBRA—is like a safety net for workers and their families who lose health coverage. It gives them the chance to keep their group health benefits for a while longer, like hitting the 'pause' button instead of a complete reset.
Detailed Explanation
COBRA coverage is usually more expensive than employer-sponsored coverage because the individual pays the full premium plus an administrative fee.
Practical Example
When David lost his job, he was offered COBRA coverage by his former employer. This allowed him to maintain his health insurance for 18 months while he looked for a new job, providing him with peace of mind during the transition.
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