Lost your job? COBRA may not be the best option for health insurance.

RODALE NEWS, EMMAUS, PA—Your boss calls you into the office, and gives you the bad news: The company is laying off a large group of employees, and you’re one of them. It's a scenario that all of us dread—and one that too many of us have experienced lately. But as stressful as that situation is, it's important to keep your wits about you and consider not only the loss of income, but also what you need to do about health coverage. Just going without could cost you thousands and thousands of dollars should you become ill, or be in an accident. On the other hand, you're looking at suddenly being saddled with expensive insurance costs just when your income is cut off. So what are your health-insurance options when your job gets eaten by the economy?

First, recognize that there are options, so that stress doesn't lead you to make a decision you'll regret. Making the right choice has everything to do with you, your health, your finances, and your family situation. Here are three possibilities to get you through what, hopefully, will be a temporary between-jobs situation:

Read on for three health-insurance options.