Have you been laid off? Don’t panic.

The experts at the National Center for Policy Analysis suggest these seven options to consider as soon as possible after getting pink-slipped:

1. Use it before you lose it. One of the first things you should do after getting laid off is ask the company HR person exactly when your employer-paid coverage expires.
2. Stay in your employer plan by paying the COBRA premium. Be aware that you must accept and sign up for COBRA within 60 days or lose that option completely.
3. Apply for the federal (COBRA) subsidy. Under the new stimulus bill, you may qualify for a 65% subsidy of COBRA costs for that first nine months.
4. Choose a cheaper former employer plan. Ask your former HR representative if the company offers a lower-cost insurance plan that would cost you less under COBRA.
5. Join a spouse’s or parent’s health plan. However, you need to act quickly because federal law requires that you sign up within 30 days from the date of a job loss.
6. Shop around for inexpensive coverage. There may be cheaper and better alternatives to COBRA, especially if you have no severe health problems.
7. If uninsurable (because of pre-existing conditions) you may still be able to obtain insurance; 35 states have high-risk pools to insure those who are turned down by commercial insurers.

Ask questions and don’t procrastinate. Even high-deductible catastrophic coverage may prevent years of medical debts.