Married couples completely depend on the health insurance plan of one partner. But, as you get divorced or the divorce comes in the middle ages, you must make new plans as coverage.
Your Divorce settlement should include Insurance
In case you are on your spouse’s plan receiving health coverage and you get divorced means you can put that requirement in the settlement so that you continue to receive the coverage from your former spouse for your children and you.
Even in case the situation is just the opposite. You are filing a divorce and are the one having a health plan covering your spouse. Bear in mind, after getting divorced, you will have to pay additional premium for your children and ex-spouse.
Getting divorced is a hard time for the partners. Yet, when things are unavoidable and you get divorced, there are options for you to enjoy the health coverage for a temporary period of time through a law referred to as ‘COBRA’.
If your former spouse is working with a company having at least 20 employees and his insurance is through his employers, COBRA allow you also to stay on the same plan for a period of 36 months. This is effective unless you enroll or remarry into a new Medicare supplement plans.
The fact cannot be denied that insurance is expensive through COBRA. Actually, it allows you to stay on your spouse’s former plan, but you have to pay all the monthly premiums by yourself, without the employer’s contribution. So it is very important to know what the premiums are and figure out your budget once you are divorced.
Also, to avail the coverage from COBRA, you must inform the health plan administrator within 60 days of your legal separation or divorce proceedings.
Plan with employer
In case you are employed, it may be less expensive to sign up with the plan of your employer, than paying for the Medigap plans premiums of your ex-spouse by the plan. While most plans fail to permit employees to make changes or join to offer coverage outside the yearly period that is referred to by Medicare supplement plans as open enrollment, there may be exceptions made for life changes and this also includes divorce.
Ask the human resources department and get the details with regards to post-divorce coverage and also confirm the period the cover will be available, the term period it will last. If coverage can be arranged under that plan, ensure to understand the premiums cost that you need to pay.