b'L A I C N A N I F HealthInsurance ChangesAMANDA HOWERTON: CERTIFIED FINANCIAL PLANNER& CERTIFIED DIVORCE FINANCIAL ANALYSTAmandajoined Rather & Kittrell in May 2012 and assists families and individuals as they navigate financial decisions related to everyday life and major transitions.A t Rather & Kittrell, we talk a lot about life being1 COBRAa series of transitions. Whether it is a chosen stepThis choice is often the starting point for folks losing group into retirement or the sale of a business, the loss of a lovedcoverage due to whats called a qualifying event.For one or a divorce, a purposeful change of employment or anclients who had coverage through an employer with more unexpected job loss, we want to walk hand in hand with youthan 20 employees, COBRA is the option to keep the same to guide you through these transitions. insurance policy (excluding the Federal Government and certain church-related organizations). Clients should expect With each of these transitions, health insurance is a topic thatto pay the entire premium, perhaps even 102% of the costs, elicits a wide range of emotions and lots of questions, allto keep their policy for up to 18 to 36 months. Reviewing along the spectrum from complicated to easy.the qualifying event will help define the period a client may choose to elect COBRA insurance. EXPLORING YOUR HEALTHCARE OPTIONSIf clients do not choose COBRA, they are not able to change For many, it starts simply, Do you have access to atheir minds later. Also, choosing to end COBRA before group health insurance plan? If the answer is no, wefull benefits are exhausted is not a qualifying event and may start reviewing options. For our clients aged 65 and older,severely limit other options.Medicare is really where we start (but certainly dont end) our planning. COBRA is rarely a low-cost choice; however, this may be the best policy for clients who retire closer to the end of the For clients under 65, we know theres work to do. Thoseyear and have already met the deductible. It also may be the who know RK well understand that we always start withbest plan if there are specific medical needs and preferred questions that help us craft a solution uniquely tailored tophysicians that you want to keep. your needs and goals.No longer having access to group health insurance can come2 SPOUSAL/OTHER GROUP HEALTH INSURANCEfrom any of the life transitions mentioned earlier. LetsIf the other spouse has group health insurance available discuss five of the main options we may review with clients. through their employer, this may be an option. If this plan was not used in the first place, due to costs or fewer benefits, you should still compare it to other options. Loss of group coverage due to a qualifying event would allow for enrollment on another group plan.3 RETIREE HEALTH INSURANCE PLANSThese are rare, but some clients have workplace benefits that include retiree health insurance. These plans may have lower costs and often are continuations of existing group coverage. If you decline retiree insurance, most often you cannot join later. A thorough review of costs and benefits is warranted.18'