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Major Life Events: How Divorce Impacts Your Insurance Options

Major Life Events: How Divorce Impacts Your Insurance Options

In such cases, you could try to hang onto your current insurance options.

Any divorce qualifies as a major life event. Even if they are on an amicable-separation basis these occurrences will undoubtedly affect your insurance status. This scenario is even more confusing if you depended on your former spouse for comprehensive coverage. Even partial coverage could be rescinded as a result. Numerous options are available during the separation phase and even after the process is complete. Finding the answers you need could give you and your changed family some relief and peace of mind. 

How Divorce Changes Shared Insurance Plans

Shared insurance plans have become convenient solutions for keeping costs down and protections up. The shakeup caused by the overwhelming pandemic will continue to cost people jobs and in some cases, even their physical and mental well-being. That’s why employers should do what they can to look after their workers who are experiencing difficulties in their personal lives. So you might be wondering just how divorce can impact shared insurance plans. Wonderful question! If you were under your spouse’s coverage, you will no longer be covered by it. It depends on how the state where you live processes the divorce proceedings. Legal separations are often messy situations that could give companies pause before they feel comfortable stepping in.

How to Respond to Lost Health Insurance 

Even if you have lost insurance for one reason or another, you are not out of luck. As it turns out, you still have many options. Let’s discuss those solutions now:

  • Picking up employer-sponsored insurance;
  • Opt-in to another plan offered under the Affordable Care Act;
  • Take advantage of Special Enrollment Periods triggered by the finalization of your divorce. You will be granted two months to shop around and find a plan that suits you.

Suggestions for Retaining Extant Coverage 

It is plausible that you might not have the luxury of taking your time. In such cases, you could try to hang onto your current insurance options. For example, investigate the COBRA provision that extends your coverage for up to three years. One flaw in this approach is the staggeringly-high costs: in addition to paying the requisite premiums, you will also have to pay for associated fees.  

Another Customer Testimonial

This week’s customer testimonial comes to us from Catherine Dabyerry of JHBMI: “I had help filing and figuring out the claims process by William Fedo, he is always there to help me!” Nicely done, William!  

Get Your Voluntary and Supplemental 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 the needs of all your employees. With over 17 years of experience, The MWE Partnership is your one-stop-shop for all your supplemental benefit needs. If you are interested in finding out how The MWE Partnership can help your business, then contact us today! Also, be sure to like our Facebook page and follow us on Twitter and LinkedIn for all the latest voluntary benefit news!

This entry was posted on Thursday, February 4th, 2021 at 4:14 pm. Both comments and pings are currently closed.

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