 [ Symptoms ] i currently pay over 1 800 per month to my former employer to continue my health insurance coverage  it is not cobra but it is basically the same thing i pay 100 of the premium will i be able to take advantage of the new premiums and subsidy when would i have to cancel my current policy [ Disease ] yes you can drop your cobra or cobra like policy for another plan and if your income qualifies you get a premium subsidy to lower the cost of coverage health plans purchased through the marketplaces by december 15 2013 will take effect january 1 2014 you will want to time the cancelling of your current policy to coincide with the start of your new plan