Even though you're out of work and money may be tight, you don't want to risk being uninsured. You are legally entitled to maintain your health insurance under your company's health insurance plan under something called COBRA (the Consolidated Budget Reconciliation Act). Although you'll be able to maintain your insurance, you'll now need to pick up the full tab for the policy. You may also be charged an additional 2% for administrative costs. You're allowed to continue your coverage for up to 18 months.

You might find that the premiums are too costly for you and that you can find a cheaper plan by shopping around. If you belong to any professional organizations or clubs ask if they provide member discounts on insurance.

It's important to maintain your health insurance not only in the event of a medical emergency, but also to maintain what's referred to as "credible coverage" that may help make you eligible for your spouse's plan if necessary.