Shared insurance plans have become common solutions for keeping protections up and costs down.
A divorce qualifies as a significant life event. Even if it’s an amicable separation basis, it will undoubtedly impact your shared insurance plans. Unfortunately, this scenario is more confusing if you rely on your former spouse for comprehensive coverage. So, multiple options are available during the separation phase and even after the process is done. Finding the necessary answers may give you and your changed family peace of mind.
Impact of Divorce on Shared Insurance Policies
Shared insurance plans have become common solutions for keeping protections up and costs down. This is why employers must do what they can to look after their employees who are experiencing difficulties in their personal lives. So, you may wonder how divorce might impact shared insurance plans. Good question! You will no longer receive coverage if you are under your spouse’s insurance plan.
Also, it depends on how the state of your residency processes the divorce proceedings. Most often, legal separations could be more manageable and lead to companies pausing before they are comfortable stepping in.
Responding to Lost Health Coverage
Even if you have lost insurance for any reason, you are not out of luck. So, as it turns out, you still have several options. These solutions include:
- Choosing employer-sponsored insurance
- Opt-in to another plan provided by the Affordable Care Act
- Take advantage of special enrollment periods due to the finalization of your divorce
- Fortunately, you will be granted two months to shop for options and find a policy that suits you
Suggestions for Retaining Additional Coverage
It is reasonable that you may not have the luxury of taking your time. In such cases, you can hang onto your current insurance options. For instance, investigate the COBRA provision extending your insurance coverage for almost three years. However, one flaw in this approach is the high costs. Besides paying for the requisite premiums, you will also have to pay for associated costs.
Get in Your Voluntary, Supplemental, and Health Insurance Policies with the MWE Partnership!
Are you a business looking to provide your employees with essential voluntary benefits? If so, look no further than The MWE Partnership. When you choose The MWE Partnership, you get experienced service and comprehensive voluntary benefit options that will meet all your employees’ needs. With over 17 years of experience, The MWE Partnership is your go-to provider for all your supplemental benefit needs. If you are interested in finding out how The MWE Partnership can help your business, contact us today! We encourage you to like our Facebook page and follow us on Twitter and LinkedIn for the latest voluntary benefit news!