Run the numbers. You have, I believe, 90 days after leaving to decide upon Cobra -- but it is NOT NOT NOT retroactive to your last day of work, but begins the last day of your last pay period (e.g., if your last day of work was the 15th and your last pay period ended on the 29th, your insurance ran out on the 29th and Cobra would be retroactive until the 29th, not the 15th -- although you would be covered under your employer's plan until the 29th). This is especially important in the case of medicines. Also, I'm not certain that you could insure only your son under Cobra.

When I retired I took Cobra; it cost me $763/month for myself and my wife (BCBS). When we had a claim for a visit to the doctor we had a rude shock: since we are both eligible for Medicare (Parts A & B) BCBS was functioning as a VERY high priced Medicare supplement!!

I dropped it on June 1.

Now we're flying under Medicare Parts A & B, with the hole closed by the medical bennies from the Ohio Public Employees Retirement System -- and good for me for working there for 12 years! We have have membership in a HUGE medicine plan that's as good or better than we had under BCBS, my Medicare loophole is paid for and my wife's costs $60/month. I also have the VA to fall back on for medicines, although their co-pay is higher than that of Express Scripts, the plan I'm now on.

Sorry to have rambled on, but your age I'd take Cobra. And I don't think you have to wait anymore to have the new insurance kick in -- check on it. Cobra could just save your butt, your house, your son, and your general solvency.