Health Insurance After Your Divorce
Excessive medical debt plagues millions of Americans. Health insurance can help defray these costs and protect your financial health. If you depend on a spouse for health insurance, however, divorce often means you’ll need to come up with a new plan.
Health insurance in divorce settlements
Health insurance can be included in divorce settlements, depending on your current coverage and situation. Your mediator can help you decide whether one spouse can cover the other spouse (and any children) for a set period of time or indefinitely.
It’s important to know, whether you’re the paying spouse or not, that your insurance premiums may change after divorce. Be sure to investigate how much that will cost. Understanding how costs and coverage may change will help you come to an equitable solution.
Obtaining your own health insurance
Sometimes, it’s not practical or possible to remain on your ex-spouse’s health insurance after a divorce. In that event, you’ll need to find your own. There are two major options: COBRA or the health insurance marketplace.
COBRA allows spouses to stay on their ex’s insurance for up to 36 months after divorce—but you’ll be entirely responsible for the premiums. This can be quite expensive. It may be cheaper to sign up on your own employer’s plan, if applicable.
New York’s health insurance marketplace allows you to sign up for health insurance, even if you’re not employed. Divorce triggers a special open enrollment period, and you may qualify for cost reductions based on lowered income.
Your mediator will help you decide which health insurance options are right for you and your family. Talk to an experienced Long Island divorce mediator by reaching out to Solutions Divorce Mediation today.