1. Under the Consolidated Omnibus Reconciliation Act (COBRA), 60-day length of time after an employee has been notified he or she may accept or decline health insurance coverage when their current position has been terminated. 2. Time when an eligible person may choose to join or leave the Medicare plan or a Medicare+Choice plan. A patient may join and leave Medicare health plans in four types of election periods: annual election period, initial coverage election period, special election period, and open enrollment period.