As a recently unemployed older worker, you have options for health insurance, but read the fine print. It will be crucial.
If you were part of a group health insurance plan sponsored by your employer and you lose your job, you may be entitled to the Consolidated Omnibus Budget Reconciliation Act or (COBRA).
This health insurance program gives workers and their families who lose their health benefits the right to choose to continue benefits provided by their group health plan.
COBRA coverage lets you pay to stay on your job-based health insurance for a limited time after your job ends (usually 18 months). You usually pay the full premium yourself, plus a small administrative fee.
Sometimes as part of an exit package, the employer may foot the cost of COBRA for an employee and their family for a short period of time to coincide with a severance package.