Q:  Hi, I'm leaving my current job to take a 3-month educational leave. Basically, I've received a small grant to help me finish my dissertation, but if I fall below 30 hours, my insurance coverage cancels. Can COBRA help me fill the gap? Also, if I choose not to return to full-time employment with this company, can I keep my COBRA coverage?

A:  If your employer has more than 20 employees than they will be obligated by the federal law to offer you a continuation of your group health plan. One qualifying event for COBRA is a reduction in hours. If you decide to terminate employment you would also qualify for continuation coverage. You would be able to elect continuation coverage for up to 18 months for termination and 36 months for loss of hours. COBRA can be fairly expensive because you will be responsible for 102% of the monthly premiums. If you are healthy and do not live in NY, NJ, VT, MA or CT you could be eligible for a lower cost alternative. Click Here for more information.