How does COBRA work after I lose or leave my job?

COBRA lets you keep your former employer's health plan, usually for up to 18 months, but you pay the full premium plus a 2% administrative fee — so the cost jumps because your employer no longer subsidizes it. You typically have 60 days to elect it, and coverage is retroactive to the date you lost the job, so you can wait and only enroll if you actually need care during the gap. The upside is continuity: same plan, same doctors, same deductible progress. The downside is sticker shock, often $600–$2,000+ a month for a family. Before electing COBRA, price the ACA marketplace, since a drop in income may qualify you for subsidies that make a marketplace plan far cheaper. Losing job-based coverage is a qualifying event that opens a special enrollment window. Compare both before deciding — many people overpay for COBRA when a subsidized plan would cost less.