When you face a layoff, your first instinct may be to shave costs wherever you can. However, experts advise not to drop your health insurance. The Consolidated Omnibus Budget Reconciliation Act, or COBRA, lets you extend your former employer's health benefits for up to 18 months after a layoff -- although you will have to pay the full premium. This is one option you may want to consider. Let members of the Financial Planning Association of Greater Indiana help you decide what to do. You can visit their Web site at www.fpagrindiana.org.
Without an income, you may be tempted to forgo health insurance. Please don't. Medical bills for even minor illnesses can wipe out your savings, while major illnesses have sent many people into bankruptcy.
Here are some steps to take...