How Getting Divorced Affects Your Health Insurance
Are you recently divorced and trying to get your finances in order? I covered how getting divorced affects your car insurance, life insurance and homeowners insurance. For this post, I'll cover how getting divorced affects your health insurance and what options are available to you.
Here are some tips from the National Association of Insurance Commissioners on how to update your health insurance after getting divorced:
If you and your children are dependents on your spouse's employer group coverage, and you get divorced or legally separated, you must contact the employer if you wish to continue your health coverage under the Consolidated Omnibus Budget Reconciliation Act (COBRA). The employer will not notify you that you have been removed from the plan.
After a divorce, coordination of benefits for your children can become quite complicated. If the divorce decree names one parent responsible for the children's health coverage, that parent's coverage will be primary, meaning that benefits will be processed under that policy prior to the other parent's policy.
If you have an individual policy, check with your insurer to add your children to your policy.
Be sure to check with your agent to make sure your coverage is not duplicated by a former spouse, if applicable.
Obviously, getting divorced is a rough time, but it's important to make sure you don't overlook any financial matters - including your insurance needs.