CATALOGFAQ54: What is COBRA Insurance?
COBRA is a government mandated program that requires your employer to keep you insured with you paying 102% of the employer's cost. The 2% is for the employer's administrative expense.
The length of time that the employer must maintain your coverage will vary depending on which category you are in. There are three different categories:
If you get other group coverage by changing to another job, COBRA would be terminated at hat time.
Although the employer must provide you the coverage it is entirely up to you if you want to keep it. If you are going on Medicare you may only need a supplemental policy to cover what Medicare does not. The employer's rules may require you to keep the insurance as is but you don't have the obligation.
I suggest that you check out a website for more information on COBRA. After doing so, make an appointment with the Human Resources Dept. at your old place of employment and discuss your options and see if they will offer you any recommendations.
The web site is: www.cobrainsurance.com
Bloomfield Hills, MI
PS: Please be aware that the above description of the varying benefit periods available was taken verbatim from http://www.cobrainsurance.com/ without my bothering to give them proper credit.