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Originally Posted by disneysteve
I don't believe so. I think you have to continue the same coverage that you had while employed.
One thing to consider, though. Unless you live in a god-awful insurance state like here in NJ, it is generally far cheaper to buy your own coverage rather than take COBRA. Of course, that is only true if you are in good health. If you have any medical problems, COBRA might be the better option. It always pays to shop around and see what is out there before you make a decision no matter what your health status.
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According to the wall street journal:
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As part of the stimulus law, lawmakers also enacted a provision allowing laid-off workers to switch to cheaper health-care plans in Cobra, if their employers offer them, without having to wait for an open-enrollment period. That might also help some people who chose the more-expensive health-care plans offered by their employers when they had their jobs.
Stimulus Makes Cobra Coverage a Better Bet - WSJ.com
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Agree with the other part, though. I got pregnant a while after I was laid off, so we were going to get him a high deductible plan (like $3000 deductible, 80% of the next certain number...can't remember, just that total out of pocket would be $10,000 at most, for $70 a month) and keep me on the old insurance. (You can do that...he just had to sign a paper acknowledging that he would not have insurance through them any more). The subsidy did help. I then got a job 3 months after my insurance was to be canceled, so we were never without insurance.