Ladies: Protect Your Health Insurance During Divorce
Lavelle says she'd also like to see researchers look at the issue again after health care reform is fully implemented. A number of important provisions of the Patient Protection and Affordable Care Act will go into effect in 2014, when almost everyone will be required to have health insurance. More people will become eligible for Medicaid, and many lower- to moderate-income people will become eligible for government subsidies to help them afford health insurance. In addition, health insurers will no longer be able to deny coverage or charge higher premiums for people with health conditions.
Combined, those measures should make it easier for women to get access to health insurance if they don't get coverage through their own employers, Lavelle says.
Take action if your marriage hits the rocks
Don't wait until the divorce is final to think about health insurance. Start exploring options as soon as you can, says Colleen Callahan, president of CCIS, an independent insurance agency in Pleasant Hill, Calif.
"There's often a lot of confusion about what's available," she says. So give yourself plenty of time to research your options.Another reason not to wait: The projected costs for coverage and out-of-pocket medical expenses should be considered during the divorce settlement negotiations, says Lili Vasileff, president of Divorce & Money Matters LLC in Greenwich, Conn., and president of the International Association of Divorce Financial Planners. Add up your potential costs including the health insurance premium and out-of-pocket costs such as copayments for doctor visits, deductibles and co-insurance, to include in your post-divorce budget, Vasileff says. If affording a health plan is impossible, estimate how much medical care will cost without insurance. You may need to consult a health insurance agent, financial planner or employee benefits consultant to get good numbers. Divorce attorneys sometimes take a broad-brush stroke when it comes to health insurance and other financial details during the negotiations, Vasileff says. "Generally the nuances don't come to the table. All those little pieces don't get examined carefully enough."
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV