What to Know About Health and Long‑Term Care Coverage in Times of Change
By Heather Gardner, CFP®, CeFT®, Wealth Advisor & Certified Financial Transitionist
Major life transitions, such as divorce, widowhood, retirement, or remarriage, updating your insurance details may easily get overlooked. These details may have deadlines or documentation requirements, so it is important to review them carefully.
Review Your Health Insurance Coverage
If your coverage was provided through a spouse’s employer plan, confirm what coverage remains in place and whether any continuation or enrollment deadlines apply. Likewise, if an ex‑spouse or dependent was covered under your plan, you may want to ensure that records reflect the current situation.
The good news: Certain life events may qualify as “special enrollment events,” which can allow changes to employer or individual health insurance outside of the standard open enrollment period, depending on the plan’s rules.
Update Healthcare Contacts and Documents
Consider reviewing items such as your healthcare power of attorney, emergency contacts, and authorized individuals listed on medical accounts or insurance policies.
It may also be appropriate to notify healthcare providers directly. Medical offices, pharmacies, and specialists sometimes retain older contact information that may no longer be accurate, such as a former spouse as your emergency contact.
Revisit Your Long‑Term Care Insurance Policy
Long‑term care insurance can be structured for individuals or couples, and certain transitions may affect how benefits, premiums, or shared coverage features apply.
You may want to confirm:
- Who is currently insured under the policy
- Current premium amounts
- Current benefit levels
- Whether the insurer’s current projections for the policy remain consistent with the most recent illustration
You can request an “in‑force illustration” from the insurer or your insurance representative. This document shows the policy’s current status and projected values based on the insurer’s assumptions. It may help you understand how future premium changes or coverage adjustments might affect the policy over time.
It may also be helpful to review how the policy defines long‑term care. Many policies reference the need for assistance with Activities of Daily Living (ADLs), such as bathing, dressing, eating, transferring, toileting, or continence, as part of their eligibility criteria.
Life transitions often involve both personal and administrative considerations. Reviewing insurance‑related documents and contact information can help ensure that records remain accurate and up to date.
If you would like assistance reviewing your policies or identifying next steps, feel free to connect with our team. We are available to discuss any updates you may be considering.
Disclosures
Insurance coverage, eligibility rules, and policy features vary by provider and individual circumstances. This information is general in nature and is not intended as personalized advice. Individuals should review their specific policy documents or consult the insurer for details.
