Many women make the choice to stay home and care for their children while their husbands hold a career to financially provide for the family. When things change and the marriage ends, many ex-wives are left without the right precautions and protections to financially care for themselves.
One place this problem is prevalent is with health insurance. Many spouses rely on the working partner to provide health insurance. If you are the stay-at-home parent and get divorced, your ex will no longer carry you on his health insurance. So how do you make sure you are covered?
Get it through your own employer
If you have a job and your employer offers health insurance, you should have the option to join whenever a major life change happens, like a divorce. Once you have lost coverage, you may be eligible to sign up for a plan even outside the open enrollment period.
Sign up for COBRA
The final agreement may require your ex-husband to continue providing health insurance for your children after the divorce, but it is not likely legal for him to keep you on his health insurance plan. Fortunately, there is another option. If your spouse is employed by a company with more than 20 employees, you may be offered an extension of health insurance through a COBRA plan required by the federal government. Be aware that these programs are often expensive, and there may be a limit on how long coverage can last.
Choose a policy through the marketplace
While health insurance is an issue that is very much up in the air nationwide, you currently should be eligible to purchase a policy through the health insurance marketplace or directly from a health insurance company. You may pay more, but at least you will be covered for major expenses.
Health insurance is vital for both medical concerns and peace of mind. Regardless of which option you choose, if you stand to lose health insurance in a divorce, you should ensure you are on a new policy when the marriage officially ends.