Consolidated Omnibus Budget Reconciliation Act - COBRA
A COBRA health plan states that if you leave your job for any reason and were an active participant in the company's health plan prior to your departure date, you have the right, if you wish, to continue the health insurance coverage you and your family received, for 18 months.
Investopedia Commentary
COBRA is meant to protect you while you look for another job and/or health policy.
See also: Accident and Health Benefits
Also spelled: COBRA