Healthcare and Health Insurance Considerations in Divorce

Divorce Financial Planners Serving DuPage County, Cook County, and Will County

In recent years, the issues of health insurance and the rising costs of healthcare have been at the forefront of the American public consciousness. Many people, however, never even think about their own coverage until something happens that could impact their eligibility to remain on their current health insurance plan. Divorce is one the most common life events that could affect your coverage, often in ways you might not expect.

At The Divorce Financial Group, LLC, we assist clients who are facing an imminent divorce develop comprehensive strategies for managing their finances. We help with pre- and post-divorce budgets, financial goal setting, and Social Security concerns. Our experienced professionals are also equipped to help divorcing individuals analyze their health care needs and explore their options for post-divorce insurance coverage.

DuPage County CDFA™ for Healthcare Considerations

Our team consists of a Certified Divorce Financial Analyst (CDFA™) and other professionals with the knowledge and training to help you determine what will happen to your healthcare coverage when your marriage ends. If you have been covered on your spouse's employer-sponsored plan, you may be eligible to continue that coverage for at least 18 months, and possibly up to three years under the Consolidated Omnibus Budget Reconciliation Act (COBRA). The full cost of COBRA coverage (plus certain administrative costs) will become your responsibility unless other arrangements are made in your divorce settlement.

If your coverage is through your own employer, you will not be required to change anything as a direct result of your divorce. We realize, however, that your financial situation may be much different after your divorce, and you may not be able to afford your current premiums any longer. The same may be true if you are covered under a private, non-employer plan.

Client-Focused Solutions

Healthcare coverage is just one part of the overall financial situation of your divorce. Regardless of how you currently obtain insurance, our analysts and their outside resources will work with you to ensure that your healthcare needs are met both now and in the future. If appropriate, we can work with your attorney to help develop maintenance proposals that hold your ex-spouse responsible for your premium payments, deductibles, and other expenses. We can also assist you in creating a post-divorce budget that accounts for your healthcare and medical costs.

More Than Just Divorce Help

At The Divorce Financial Group, LLC, we can help you with all of your divorce-related financial questions. We are not attorneys, and we will not take the place of a qualified divorce lawyer. In fact, we will work closely with your divorce attorney as we provide the first-class service you deserve.

Our commitment to your satisfaction does not end when your divorce is finalized. Through our partnership with Northpoint Financial Group, we can continue to work with you with experienced investment management and planning services once the divorce process has been completed. Together, we can help you reach your financial goals and establish the security you deserve.

Call 630-741-4493 Today

If you are considering a divorce and have questions about how your healthcare coverage will be affected, contact our office. Call 630-741-4493 to discuss your situation with a Certified Divorce Financial Analyst today. Located in Warrenville, we offer financial analysis services to clients in Cook County, DuPage County, Kane County, Will County, Kendall County, and throughout Northern Illinois.