You have a lot to sort out while navigating your divorce, including changes to your insurance plans. Which changes should you initiate with your health coverage provider?
WebMD offers suggestions for protecting health care coverage while ending a marriage. Take steps to safeguard your health and peace of mind.
Include insurance as part of the divorce agreement
Rather than leave anything to chance, cover your bases by including health coverage in your divorce settlement. This could work if your spouse’s health care plan covered you during your marriage. If you were the one who covered your current partner’s health care needs, your insurance provider could charge you an extra premium for continued coverage for your soon-to-be-ex and shared children.
Another option to maintain your health insurance after divorce is to use COBRA. If your current spouse’s employer offers insurance and the company has at least 20 workers, you may remain on your soon-to-be former spouse’s health plan for 36 months.
One thing to remember with this option is that COBRA insurance does not come cheap. While you remain on your current spouse’s plan, you must cover all the monthly premiums. Also, your spouse’s company does not help you pay premiums. Before taking advantage of COBRA, find out how much you should expect to pay in premiums. That way, you have a better idea of how to create your post-divorce budget.
Sign up for your employer’s plan
Your company could offer employee health insurance, which may not cost as much as COBRA coverage. Even if the open enrollment period ended, you could qualify because of your divorce.
With a little bit of research, you could have more post-divorce health insurance opportunities than you realize.