COBRA

Definition

Consolidated Omnibus Budget Reconciliation Act—allows employees to continue health insurance after leaving, at eye-watering full cost. It's the law that proves your employer was subsidizing most of your healthcare all along.

Example Usage

I elected COBRA after being laid off and now pay $1,800 monthly for insurance that cost me $200 when employed—guess I'll just not get sick.

Origin

U.S. federal law enacted in 1985, requiring employers with 20+ employees to offer continued health coverage

Fun Fact

COBRA coverage typically lasts 18 months, and fewer than 10% of eligible people elect it because the cost is prohibitive for someone who just lost their income.

Source: U.S. benefits administration and employment law

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