Whether you are the employee or beneficiary, here are some of the questions that should be answered before you hang your hat  and health-care coverage future  on COBRA:

Should the employer be notified at separation or divorce? When does the COBRA time begin to run?

Is the employer likely to discontinue the employee plan? Is the employer in financial trouble and about to go bankrupt  which could mean termination of the plan?

Is the employer likely to reduce benefits and increase co-insurance for all employees  and therefore COBRA beneficiaries?

If I am in good health today, decide to make the COBRA election, later become ill, and the employer then terminates the plan, what coverage may be available and at what cost?

If I am in good health today, make the COBRA election, become ill, and the 36-month continuation period ends, what coverage may be available and at what cost?

How high will the premium go after 36 months if I choose continuation under the COBRA election?

What happens if the COBRA election is made and then my former spouse dies or is terminated from employment?

What if my spouse is covered by an HMO or self-funded employer plan? Is that plan subject to continuation under the COBRA election?

If a covered child becomes emancipated, is he or she entitled to continuation coverage? And, if so, to what age and under what conditions?

What if I make the election and then move to another state or remarry?

Does COBRA apply to government or church employees?

Who should notify the employer of the divorce, legal separation, or a dependent child no longer being a dependent?

What do you do if you lose COBRA coverage?

To obtain new health coverage, you must either (1) go to work for a company that has a group plan that will cover you, or (2) apply for individual coverage that may require you to be medically underwritten for current and past health history. However, in either case, if you have a pre-existing condition, that condition might not be covered for years, if at all.

For these and many other reasons, it is in your best interest to begin to inform and protect yourself as early in the process as possible:

 Make sure health insurance stays on the “front burner” as a very important issue and is not relegated to a last minute “afterthought.”

 Get a copy of the existing group plan under which you are covered and read it so you will understand the coverage options you may be electing.

 Get your health records from your doctor(s) as soon as possible and review them.

 Make sure that if you elect COBRA, you plan for increased premiums and less coverage and limits after 36 months.

 Find out if your state has a high-risk health insurance pool  just in case you are turned down.

Remember: With a new policy, your preexisting conditions may be excluded for a term of years, excluded permanently, subject to increased premiums, or a combination of the above.