Should I ever allow my health insurance coverage to lapse?

As a general rule, you should never allow your health insurance coverage to lapse. You can be significantly affected if something should happen during the lapse in coverage. You need your insurance to pay for both regular and emergency expenses. Medical bills are expensive and most people cannot afford to pay the expense on their own. This can lead to bankruptcy and further financial difficulties. It is best to time your insurance so that you can be covered at all times. Employers offer COBRA insurance to employees to help bridge the gap between insurance coverage when you are moving from one job to the next.