You should be sure to research the coverage of your current plan, especially if you are part of your spouse’s plan. You may have important options for future coverage, including COBRA eligibility, so investigate these costs and coverages as well. Your children are typically eligible for coverage under a parent’s plan until the age of 26. If one parent has access to health insurance at a reasonable cost, most states will permit or require that the children be covered by that plan. If you will bear the expense of coverage for your children, make sure it is factored into any child support award. Your divorce agreement should also specify how any unreimbursed medical expenses will be covered.
Rock A. Tate is a Financial Advisor, CERTIFIED FINANCIAL PLANNER™ at The Tate Group at Morgan Stanley Smith Barney.