Record numbers of Americans have filed for unemployment during the COVID-19 outbreak. Many who used to rely on employer-sponsored health insurance are looking for affordable healthcare on their own for the first time.

Employers usually encourage employees who have lost their jobs to extend their current healthcare plan through COBRA, the Consolidated Omnibus Budget Reconciliation Act. COBRA allows employees to continue the coverage plan of their employer at their own expense for 18-36 months after job loss.

COBRA may be convenient, but it’s also expensive. The cost and coverage of COBRA depend on the sponsored plan the employee had before under their employer. The shift is that the employee now must pay the full monthly premium (amount owed for the plan), plus a 2% COBRA administration fee.

To put this in perspective, employers pay an average of 60% of their employees’ healthcare expenses. In 2017, the median annual premium under COBRA was $6,690 for individuals. Before, employers covered roughly $4,000 of the $6,690 total. With COBRA, the entire cost falls on the employee.

Fortunately, there are other, more affordable healthcare options. The Health Insurance Marketplace (HIM) is home to many health insurance providers that offer healthcare plans for much less than COBRA. The Department of Health and Human Services claimed the annual premium for the benchmark Marketplace plan in 2017 was $3,624—nearly half the cost of COBRA. In addition to these savings, 8 out of 10 people also qualify for a subsidy, which further reduces the cost of the plan.

COBRA coverage is available for 30 days after job loss. By contrast, HIM plans are available for 60 days after a qualifying life event (like losing a job, getting married or having a baby) and during open enrollment from November 1 to December 15. It’s important to note that COBRA plans end after a maximum of 36 months, while Marketplace plans never expire. As long as the enrollee fulfills their monthly payments and renews their plan at the end of the year, they will have continuous coverage.

While there’s comfort in keeping some of the same features of the old plan through COBRA, plan holders’ choice in healthcare coverage may be limited. This is because rates and plans are negotiated at the employer level. Marketplace plans, however, supply enrollees with more choices at more affordable rates.

When it comes to finding the right plan, choosing can be a process. But it’s good to know there are many options.