Divorcing as you near retirement — or after you’ve retired — comes with extra considerations, particularly regarding health insurance.
If you know when your coverage will end,said Melinda Caughill, co-founder and chief executive of 65 Incorporated, which offers guidance on Medicare. “That’s ideal to avoid a gap in coverage,” she said.
If you’re 65 or older, you or a spouse must have worked and paid Medicare taxes for at least 40 quarters to qualify for free Medicare Part A. Most people have enough work history to qualify, but if you don’t have enough credits on your own, you can still qualify for free Part A based on your ex-spouse’s work history — provided you were married for 10 years or longer.
If you weren’t married long enough or your ex is 61 or younger, you’ll pay $506 per month for Medicare Part A in 2023 if you’ve worked and paid Medicare taxes for fewer than 30 quarters. If you worked and paid Medicare taxes for 30 to 39 quarters, you’ll pay $278 per month. If you remarry, you can no longer qualify for free Medicare Part A based on your ex-spouse. “You can, however, qualify based on your new spouse’s history, but they must also have enough credits and be 62 years of age,” said Cameron Valadez, a certified financial planner in Riverside.
A divorce also might affect your costs for Medicare Part B and Part D, which require extra premium payments if your income is over a threshold amount. If you’ve been paying an income-related monthly adjustment amount, or IRMAA, and your household income is lower post-divorce, you can
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