Will you lose health insurance? If not yet eligible for Medicare, where will you find coverage? How does being divorced affect Medicare costs?
More than 1 in 3 people who divorce in the U.S. are age 50 or older, and 1 in 4 are 65 or older, according to a 2022 analysis published in the Journals of Gerontology.
Do you have access to COBRA? If you were covered under your ex-spouse’s employer plan, you can opt in to coverage under COBRA — the Consolidated Omnibus Budget Reconciliation Act — for up to 36 months after the divorce. COBRA applies to group plans of employers that have at least 20 employees. If you’re not sure how to choose a plan, a health insurance broker in your state can help you consider your choices at no cost to you.Learn more: What you need to know about Medicare