When it comes to divorce in Morton, you may focus so much on preserving your finances that you overlook one of the most important assets you have: your health.
Your health insurance benefits might not seem like a big deal now. If you ignore them until after your divorce is final, you could end up paying dearly. Here are some things for you to consider about divorce and health insurance.
It is time to explore insurance options
Just because you are no longer allowed to be on their policy does not mean your kids are not. The courts may require your spouse to keep your children on his or her policy. If your insurance is through your spouse, you will need to find new coverage. Your spouse does not have to keep you on the policy. Divorce is a life event where health insurers do not allow former spouses to retain coverage through their partners.
Temporary benefits through your spouse may be possible
It is possible for you to maintain temporary health insurance benefits for up to 36 months from your spouse’s insurer if he or she works for a company that has 20 or more employees through COBRA (Consolidated Omnibus Budget Reconciliation Act). To qualify for COBRA, you must notify the insurer of your divorce. Usually, you have two months or 60 days to do so. Keep in mind that COBRA coverage is much more expensive than what you and your spouse were previously paying. You are responsible for the entire premium cost. Some people find it more affordable to use their own employer’s insurance and to seek out private insurance plans that are less expensive.
It is important for you to plan your divorce carefully to prevent gaps in health insurance. You never know when you might need to use it. The worst-case scenario is for you to become seriously ill and not have the coverage you need to avoid financial hardship. Tackle the issue of health insurance early on in your divorce so you do not overlook it and can focus on other important matters.