PERSONAL FINANCE

If you’ve recently lost your job or are soon to be unemployed, it’s important to know your health insurance options.

One option is COBRA, the federal law that allows you to temporarily continue your employer-sponsored health plan, usually in the event of layoff.

If someone covered by your current plan is pregnant, has a pre-existing health condition or is taking prescription medications, COBRA may be a good option. However, COBRA coverage can be expensive.

Under COBRA you are responsible for the premium that was previously subsidized by your employer in addition to a 2 percent administrative fee.

If you are relatively healthy, there may be cheaper alternatives:

•Mix and match COBRA coverage with individual plans. If you have a pre-existing condition, choose COBRA coverage for yourself but look around for a less expensive individual plan for your spouse or child.

•Look for individual or family insurance plans. If you and your family are relatively healthy or are seeking health-insurance coverage beyond the COBRA term, which usually extends for 18 months, you may be able to find an individual or family health insurance plan that suits your needs for less than COBRA.

•Save on the kids’ insurance. Your children are usually covered under your health plan until they turn 19 and, if they are students, in some cases until 25. If your kids are about to lose their dependent status, consider looking into short-term plans that will carry them through the transition to college or a new job.

Dealing with debt: With the economy on the fritz and consumer debt at record-high levels, debt collection complaints are on the rise.

The Better Business Bureau logged 18,000 complaints in 2007, up 26 percent compared to 2006; the Federal Trade Commission logged 70,951 in 2007, up 2.5 percent.

If you’re being harassed, tell the Federal Trade Commission (ftc.gov or 877-382-4357), the Better Business Bureau (bbb.org) or your state’s attorney general’s office.

The American Collectors Association (aca- international.org) is the national trade group for third-party collectors. The association also investigates ethics complaints about its members.

From wire reports