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Tracy Stewart, CPA
  • (979) 324-8179
  • (979) 324-8179
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Tracy Stewart, CPA

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  • (979) 324-8179
  • (979) 324-8179
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Peace of mind through financial clarity.

Divorce After 50: Health Insurance Is Tricky

September 2, 2013 by Tracy Leave a Comment

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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.

Filed Under: Financial Considerations, Working with CPAs Tagged With: College Station, financial issues, health insurance

Six Steps to Post-Divorce Health Insurance Coverage

April 16, 2012 by Tracy Leave a Comment

Many of my clients in Houston and College Station are facing a health insurance answer during their divorce. They are unemployed and rely on their soon-to-be-ex spouse for health insurance coverage. What to do if you are in that situation?

  1. Find out if COBRA coverage is available under your spouse’s employer.
  2. In Texas, there are two kinds of COBRA, federal and state. The former offers 36 months of coverage after divorce while the latter offers 18 months. Find out which one is applicable to your situation.
  3. Get a quote on your cost of COBRA coverage from the employer.
  4. Seek quotes on individual policies from an independent health insurance advisor. (If you need a referral in Houston, send me an email at stewart@texasdivorcecpa.com.)
  5. Compare the coverage and costs of the COBRA and the individual policies.
  6. Be very careful with your timing when changing health insurance coverage from your current coverage to either COBRA or individual policy. Do not have even a day of lapse.

Most people want to put off this project. It seems intimidating. Break it down into these six steps. I cannot emphasize enough how important this issue is for your future financial security.

Filed Under: After the Divorce, Financial Considerations, Financial Literacy, Living Expenses Tagged With: College Station, decision making, financial issues, health insurance, Houston

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Thanks for all the help, advice and encouragement. It's a real pleasure learning from an informed, honest and caring person. I sleep so much better at night. Thank you for everything!
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