If you are middle aged and are in the midst of divorce, you absolutely need to secure health coverage immediately. If you are not eligible for medicare and your spouse has coverage through an employer sponsored group health insurance plan, you can probably continue under the spouse’s plan under COBRA. Understand that COBRA coverage can be expensive. You will have to reimburse your spouse’s employer for your premiums, plus a 2% administrative fee. Under COBRA you can continue your ex-spouse’s plan for up to 36 months after the divorce or separation date, or until you take a job offering at least equivalent coverage, or you become eligible for medicare.

If COBRA coverage isn’t available, start shopping for an individual policy. There are 177 private insurers (under the healthcare reform bill which goes into effect in 2015 uninsured and those with pre-existing conditions will have additional options and protections).

Conveniently located in Central New York state, Wolfson Financial Services is a financial planning and consulting firm dedicated to helping individuals, families and organizations reach their financial goals. If you have questions about this article or if you would like to become a client of Wolfson Financial Services, please call (315)449-4730.