5 Crucial Insurance Changes After Divorce – Health Insurance
2. Health Insurance
If you have your own health insurance coverage, you do not need to worry about this. If you are a dependent on your spouse’s health insurance, you will need to make some changes before the divorce is final. You have a few choices:
If available, you can sign up for health insurance through your employer. When you’ve lost coverage, you can sign up outside of the open enrollment period. Another option is to look at your state’s marketplace and buy a policy directly from one of their health insurance companies. Finally, you could keep your coverage under your ex-spouse’s plan for up to 36 months, but pay for it yourself. If this what you choose, let your health insurance provider know, and they will supply you with directions on how to elect COBRA insurance (the Consolidated Omnibus Budget Reconciliation Act). This law allows family members who lose their group health insurance because of life changes like divorce to continue to buy it. It applies to plans sponsored by both local and state governments as well as private companies with at least 20 employees. States dictate laws for companies who do not reach this minimum.
During major life events such as divorce, changing your insurance is often the last thing on your mind. Even though you may be preoccupied with the emotional turmoil of your divorce, take a hard look at your insurance. All insurance details must be examined in order to avoid future problems.
Divorce is a stressful time both legally and emotionally, this is why it is important to have a divorce attorney that is experienced and trustworthy. Brandon Legal Group’s divorce attorneys are here to provide you with the legal guidance and support that you need.
