COBRA (Consolidated Omnibus Budget Reconciliation Act)

the Consolidated Omnibus Budget Reconciliation Act (COBRA) is a federal law that requires employers to offer current and former employees and their dependents the option to continue their employer-sponsored health insurance coverage for a period of time after a life event that would otherwise result in the loss of such coverage. Life events, or qualifying events, may include termination of employment, death of an employee, divorce, or a dependent reaching a certain age. This means that those experiencing a qualifying life event may purchase health care coverage through their employer's existing health plan, instead of looking for coverage elsewhere.