For those over the age of 50 going through a divorce – and those numbers are rising for this age group – healthcare is one of the largest concerns they have about moving forward. Many spouses who may have been covered under their soon-to-be ex’s company insurance plan may be worried that they will be left without health insurance after the divorce.
Here are some tips and information on healthcare coverage for divorcing couples:
Start shopping. If you will be responsible for your own healthcare coverage after the divorce, start shopping for coverage as soon as possible. There are many, many different options available and you should take the time to study and understand them before making a choice. You may also want to contact an independent insurance agent to do some of this legwork for you. Having someone who is knowledgeable about the industry and plan options to discuss deductibles and the kind of coverage you want can be comforting.
COBRA. If you have been covered under your spouse’s employer, you are eligible for up to three years of coverage if you agree to pay the premiums. This is often the best and least expensive option for newly divorced spouses. You will need to contact the plan administrator at least 60 days prior to the finalization of your divorce that you will need COBRA coverage.
You may also want to take advantage of tax-deductible Health Savings Accounts to cover medical expenses (not insurance) if you have a high deductible insurance policy.