I used to handle all HR stuff at our company 15 years ago but am very aware that things have changed. At that time, if I understood correctly, it was advisable for everyone eligible to elect COBRA even if only as a back-up plan.
I think there was even a way to remain eligible for 90 days without committing.
Something like this…
You had 30 days to elect coverage
Once elected you had 30 days to pay
There was another 30 days after that before they could teminate totally
NOTE: You did have to pay for all 90 days if you ended up going with it
Anyone know how the timing of election, payment and termination works now? I would expect that Obamacare has effected it even if nothing did before that. I am also aware that under Obamacare you are penalized if you are bare for more than 60 days.