If you currently have your health insurance through your spouse’s plan, a divorce means you will need to make some decisions about health insurance. There are more options than ever before that will allow you to remain covered after your divorce.
If your spouse works for a company with more than 20 employees, you are entitled to continue coverage under the same plan through a federal law called COBRA (Consolidated Omnibus Budget Reconciliation Act). You must notify the employer within 60 days of your divorce that you would like to continue coverage. You will receive a bill for the entire cost of the insurance (the company may be paying part of your spouse’s costs but will not pay for yours). You can maintain coverage in this way for up to 36 months.
Your Own Employer
If you are employed, you can explore the insurance options available at your own workplace. This may be less expensive than paying for COBRA coverage.
Affordable Care Act
You can now obtain health insurance on your own through the Affordable Care Act and you may be able to obtain a subsidy (tax credit) for some of the cost of that insurance. New Jersey offers the Individual Health Coverage Program as the state pathway to Obamacare insurance. A divorce is considered a qualifying event which allows you to sign up even when there is no current open enrollment.
Health insurance is a must-have: the Affordable Care Act requires that you have health insurance even if you lose your insurance in a divorce. To make the best decision, compare benefits and rates between all three options to find the plan that best suits your needs.
When you need experienced, quality representation in your divorce or family law case, DeTorres & DeGeorge is where to turn. We represent clients in Bridgewater, New Jersey and all the surrounding areas. Call us today at 908-284-6005 for an appointment.