I left my job about a couple of months back.Im actively looking for a job and hoping to land something by next month.Im eligible for COBRA benefits through my former employment.I still have time to elect or waive the COBRA coverage.Im not sure whether I should elect it.I definitely do not have any planned doc/hospital visit in the near future,so I need insurance only for unexpected events.I have time until Aug first week to make the election.I might get insured through my new employer before or roughly around the first half of August but it would be about 4 months since I lost coverage from my previous insurance plan if I do not elect COBRA.I do not know if that has any significance and I do not know what exactly is the HIPAA rights.I read somewhere that a break in health insurance for more than 63 days could mean losing HIPAA rights and also have some other consequences like pre-exclusion.My question is what are the pros and mainly the cons of electing or waiving COBRA benefits?

Well, the big con to waiving benefits, is once something goes wrong, it's not going to be covered. Period. Even if you get on a new group plan. It's not like you can just put off the medical treatment for a month or so, because even after you get insurance again, they're not going to cover it.

So. That's a mighty big financial bet you're making. Most people win the bet. But the ones who lose it, well, they lose it BIG. You could be paying for it for decades. Or forever.

The upside is saving a few months' premium. Not much an upside, for a HUGE downside.

I'd elect cobra if I were you.

Definitely take the COBRA; you don't want a break in coverage. That will affect what kind of policy you can get.

Plus, you never know what might happen between now and your next job, if you'll need medical care. Better safe than sorry.