Arranging for health coverage should be one of your first priorities. If you have a spouse whose employer offers a health plan, you may simply be able to switch over. What's more, losing your job is a “qualifying event” that should allow you to get on the new plan without waiting for its next open-enrollment period.

If that isn’t an option, look into continuing your ex-employer’s health coverage under a federal law commonly known as COBRA (Consolidated Omnibus Budget Reconciliation Act). To qualify, you must work for a company with more than 20 employees and have been enrolled in its health plan at the time you lost your job.

In general, COBRA benefits last for 18 months, although employers have the option of providing a longer period of coverage. If you become disabled within the first 60 days of COBRA coverage, you may be eligible for another 11 months, although at a higher premium.

When your COBRA benefits run out, you may have the option of converting to an individual policy. However, that policy could be more expensive and provide less coverage than your old group plan. Continuing your health coverage under COBRA is not cheap, although it’s usually less expensive than buying an individual policy. You’ll typically pay 102 percent of the amount your employer pays for the insurance, including any part of the premium you were contributing through salary deductions. The cost can rise to 150 percent if you obtain a disability extension.

Generally, you have 60 days to decide whether to sign up for COBRA and 45 days after that to pay the first premium.

More information on COBRA is available at the Employee Benefits Security Administration Web site.

If you are nearing age 65, plan to apply for Medicare coverage about three months before that birthday.

For more advice on health insurance, visit this Consumer Reports site. —Greg Daugherty

Greg writes the “Retirement Guy” column each month in the Consumer Reports Money Adviser newsletter.