What if you retire early and and don't have health care coverage with a spouse?  Or, any other medical insurance coverage?   You may need to get familiar with COBRA.

The Consolidated Omnibus Budget Reconciliation Act lets former employees and their dependents continue their employer's group coverage for up to 18 months. If you retired at age 63½, for instance, you could use COBRA to bridge the gap until you're eligible for Medicare at 65.

The biggest advantage to COBRA? It's guaranteed. Your former employer's insurer can't refuse to cover you, even if you have a chronic medical condition. That makes COBRA an attractive option for retirees who have serious health problems and want to continue their current coverage.

The biggest drawback: COBRA is expensive. Ordinarily, employers cover 70 percent or more of an employee's health insurance premium. With COBRA, you'll have to pay the entire premium -- plus administrative costs. Based on 2007 average premiums, that means a former worker would have to pay more than $373 a month for individual coverage and more than $1,008 a month for family coverage.

Answer Courtesy of USAToday