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COBRA is an acronym for the Consolidated Omnibus Budget Reconciliation Act of 1986, which requires that certain employers provide qualifying individuals the right to continue their health insurance coverage when their employment is terminated. Under COBRA, the employee is responsible for paying the entire premium rather than the cost-sharing situation they probably had as an employee. However, this arrangement at least lets them buy at the group rates they enjoyed under their employer, which will be less expensive than any individual rate they might be able to find.
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