Divorcing people over 50 are part of a growth trend in America. Between 1990 and 2009, the divorce rate for those 50 and older has nearly doubled, according to the National Center for Family and Marriage at Ohio’s Bowling Green State University.
Younger couples negotiate for child custody while midlife couples negotiate for long-term financial security. These older couples are dividing retirement assets, health insurance, real estate and business interests, not to mention debt. Getting replacement health insurance coverage can be daunting. Many clients procrastinate on this research, causing a bit of panic at the last minute. Do not do that to yourself. The moment you realize divorce is coming, start studying your health insurance choices.
Trying to get health insurance in your 60’s can be a challenge. You have had time to develop health issues that come into play when you seek coverage quotes. I send my clients to an insurance consultant here in College Station. A good consultant will explain your options along with the pros and cons of the various policies and coverage details. Insurance is a complex area. You need to be able to rely on an expert who will educate you while giving advice.
One of your health insurance choices may be COBRA. This is a coverage that stems from your spouse’s employer. Your cost will be higher than the cost your coverage was while married. You will not get the employer subsidy that you once had. You can have COBRA coverage for either 18 or 36 months, depending upon the size of your spouse’s employer. The cost is not your only issue.
Most people don’t think ahead to the end of the COBRA coverage. By that time, you may have developed new health issues that will cause your replacement policy to be even more expensive. Consider this before you sign on to COBRA. Learn what your options are before making any decisions.
If you are facing divorce, contact me. I can refer you to a health insurance advisor and recommend an attorney who is a good fit for your unique situation.