Post-Divorce Health Insurance
If you were on your spouse’s group health insurance policy before your divorce, then you may need to make some changes once your divorce is final.
If you notify the health plan administrator of your spouse’s group policy within 60-days of the divorce, you can continue group coverage under COBRA. This will allow you to remain covered on the group plan for up to 36-months. Your premiums may be higher than your spouse paid because COBRA coverage can include an additional charge for administrative fees.
This additional premium can make COBRA less cost-effective than other insurance coverage options and you may find that staying with the plan restricts your benefit options and choice of physicians and medical centers.
Get an Individual Policy
If, after your divorce, you get an individual health insurance policy, you can begin this new chapter in your life with a policy that not only fits into your budget but one that also provides the type of coverage that you want. Some of the options for coverage include:
· A high deductible plan with a health savings account. This will give you access to the negotiated rates that medical professionals and facilities give to insurers while keeping premiums low and allowing for tax-free medical expense savings.
· A low deductible plan. This type of policy will save you from spending much of your own money when you need treatment but still offers an affordable premium and access to negotiated treatment rates.
· No deductible insurance. Health insurance policies with no deductible can be structured with many different copayment options and more.
· HMO, PPO and POS. While your spouse’s group health policy may have locked you into a certain network of doctors, an individual policy can be structured to offer you both in- and out-of-network coverage (found in PPO and POS plans) and a new set of networked physicians and facilities for an in-network only plan (HMO).
For the Children
If you were on a group insurance policy prior to the divorce, your former spouse may be required in your divorce decree to keep your children on his or her insurance plan. If not, you can look into individual and family coverage options (like those mentioned above) and contact the health plan administrator to allow them COBRA coverage.
A health insurance agent is your biggest advocate when it comes to creating your post-divorce health insurance plans. Give us a call today and we can help you work through the pros and cons of each of the options in front of you.
We are an independent agency with the customer in mind. We have relationships with dozens of insurance companies, allowing you to get the right price with the right service. Call us today at 800-878-7105 for a free Oklahoma health insurance quote.