Divorce at any age can be a challenging experience, but “gray divorce,” or divorce among couples over 50, presents unique considerations, especially when it comes to healthcare coverage.
If you’re experiencing a gray divorce and rely on Medicare, take some time to understand how your Medigap coverage may be affected and what steps you can take to maintain adequate healthcare protection.
How Divorce Impacts Medigap Coverage
- Loss of Coverage:If you were covered under your spouse’s Medigap plan, you will likely lose that coverage when you divorce. This is because Medigap policies are typically individual policies, not family plans.
- Guaranteed Issue Rights:The good news is that divorce is considered a qualifying life event that triggers a Special Enrollment Period (SEP). This means you have guaranteed issue rights to enroll in a Medigap plan without medical underwriting, even if you have pre-existing health conditions.
- Choosing a New Plan:You’ll need to choose a new Medigap plan that meets your individual needs and budget. This is an important decision, as plan benefits and premiums can vary significantly.
- COBRA Coverage:If you lose your spouse’s Medigap coverage, you may be eligible for COBRA continuation coverage, which allows you to temporarily stay on their plan. However, COBRA can be expensive, and it’s usually a short-term solution.
Steps to Take After a Gray Divorce
- Notify Your Insurance Company:Inform your Medigap insurance company about your divorce as soon as possible. They can guide you through the process of terminating your coverage under your spouse’s plan and exploring your options for new coverage.
- Explore Your MedigapOptions: Research different Medigap plans and compare their benefits, costs, and coverage options. Consider your health status, budget, and any specific healthcare needs you may have.
- Enroll in a New Plan During Your SEP:Take advantage of your guaranteed issue rights and enroll in a new Medigap plan during your Special Enrollment Period. This will ensure you have continuous coverage and avoid potential medical underwriting.
- Review Your Medicare Part D Coverage:If you were covered under your spouse’s Medicare Part D prescription drug plan, you’ll also need to enroll in your own plan.
- Update Your Medicare Information:Make sure to update your information with Medicare, including your address and marital status.
Choosing the Right Medigap Plan After Divorce
When selecting a new Medigap plan, consider the following:
- Plan Benefits:Compare the benefits offered by different Medigap plans, such as coverage for copayments, coinsurance, deductibles, and foreign travel emergencies.
- Plan Costs:Evaluate the monthly premiums and out-of-pocket costs associated with each plan.
- Your Health Needs:Consider your current health status and any pre-existing conditions you may have.
- Your Budget:Choose a plan that fits comfortably within your budget.
Recommended Read: 10 Questions to Ask Before Choosing a Medicare Plan
Exploring Medicare and Medigap After Divorce
Gray divorce can bring significant changes to your life, including your healthcare coverage. By understanding your options and taking proactive steps, you can ensure you have the Medicare and Medicare Coverage Options you need to protect your health and finances.
At MedigapLink, we can help you navigate the complexities of Medicare Plans for Seniors and Medigap after a divorce. Our team of licensed professionals can provide personalized guidance and support to help you find the right plan for your needs.
Contact us today.