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Know your health insurance options after divorce

Divorce will result in many changes to your life. One of the biggest yet often ignored changes may be to your health insurance coverage. 

Remember, you will face a penalty of $695 for not having any health insurance. It is important to understand what will happen to your insurance coverage once your divorce is finalized, and what steps you can take to make sure you have the coverage you need. 

The loss of your health insurance can be scary, but there are things you can do to now to help make the process easier. Listed below are the steps you should take to prepare for life after divorce when it comes to your health insurance: 

  • Explore your options for health insurance. This includes reviewing plans to determine the type of coverage you need, what premiums and deductibles will be and how to enroll. 
  • Include health insurance premiums and health care costs into your budget after divorce. This will help you plan for the future and make your financial goals easier to achieve.
  • Know when to enroll. Employment-based insurance plans typically have a two-week enrollment period during the fall. If you are planning to enroll in Obamacare, you will have 60 days after your divorce to enroll under the special enrollment period. 
  • Get help if you have questions. Human resource departments and customer service representatives can be a great resource during this process. 

Understanding your options and enrolling in health insurance can be difficult. However, taking steps now will help make the process easier, and you will be able to trust that you have the proper health insurance coverage.

Source: The Huffington Post, "5 Things You Need to Know About Health Insurance After Divorce," Karen Covy, Nov. 20, 2015

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