Time Frame

• Usually, COBRA lasts about 18 months, but some people may be able to get their COBRA benefits extended past this short time frame.
  
  

Function

• The point of COBRA is to allow laid of workers and their families to remain insured while the worker finds another job and is able to get insurance from his new employer.
  
  

Significance

• Just as you can deduct other health expenses, you can deduct your payments to your COBRA plan. There are two qualifying factors. The first is that you itemize your deductions and the second is that all of your out-of-pocket medical expenses exceed 7.5 percent of you income.
  
  

Considerations

• You can only deduct the amount that exceeds the 7.5 percent income threshold. This amount includes not just premiums, but also co-pays, deductibles, prescription drugs, and even transportation to and from your medical appointments.