A divorce means you will likely lose some of your assets and benefits, which may also include your health insurance. If you own your own insurance policy, you should not have any worries. However, if you receive coverage from the health insurance policy of your spouse, you may face a loss of coverage once your divorce is complete.

The potential loss of your coverage is an issue you should keep in mind as you negotiate your divorce settlement. WebMD explains that you do not necessarily have to lose your coverage if you get it from the policy owned by your spouse. There are a few options available to keep your coverage.

Negotiate for coverage

You can work out a lot of divorce issues with your spouse if your spouse wants to negotiate, and insurance coverage is no exception. You may negotiate an arrangement where you and any children you have will continue to receive coverage from your spouse’s policy. Be aware that this arrangement may add a premium that your spouse will have to pay. If so, your spouse might resist this arrangement.

The COBRA option

Because of a federal government law known as COBRA, you have another way to retain coverage after your divorce. If your spouse receives coverage from an employer that also employs at least 20 other workers, COBRA lets you to keep that coverage for up to 36 months. You will have to notify the administrator of your spouse’s plan within a 60 day period of your separation or divorce.

This option does come with added expenses. If you choose COBRA coverage, you will need to pay the premiums on that plan yourself. While some spouses can handle the expenses, you might find you can afford your own insurance coverage at a cheaper price. It may benefit you to find out what premiums you will have to pay before trying this option.