Life Events

Other things to consider:
:Arrange Health Insurance Coverage
If you were covered under the group health insurance plan provided by your spouse's employer, you have to call the employer to determine when your benefits terminate and whether you qualify for COBRA coverage.

COBRA, which stands for the Consolidated Omnibus Reconciliation Act, requires employers who have 20 or more employees to continue to offer coverage in their group health plan to certain former employees, retirees, spouses, and dependent children. Under COBRA, if you voluntarily resign from a job or are terminated for any reason other than "gross misconduct," you are guaranteed the right to continue your former employer's group plan as individual or family health care coverage for up to 18 months at your own expense. In many cases, your spouse and dependent children are also eligible for COBRA coverage, sometimes for as long as three years.

If you work, you may need to arrange for health insurance through your employer, a group plan, or an individual policy. Whichever option you choose, do not let your current policy lapse until you have another in place. If you have coverage through your employer's plan, you must notify them of your spouse's death. You may be entitled to a premium reduction.

There may also be unpaid hospital expenses and medical bills incurred in the last days of your loved one's life. You should contact the insurance company for help in filing the appropriate claims. Many health insurance plans provide a limited death benefit which is usually paid to a named beneficiary and often used to cover funeral expenses. Contact the insurer to determine if you are eligible and to submit a claim.

Safe Deposit Box
If the deceased was the sole owner of a safe deposit box, a court order is generally necessary to open it. If there is a will and the will has been submitted to probate, only the will, life insurance policies, or other documents related to the death can be removed.

Watch Out for Scams
Unfortunately, there are people who may try to take advantage of your vulnerability at this time. Watch for unordered merchandise and bills for services you did not commission. It is always a good idea to ask for itemized bills from doctors, lawyers and other professionals. In addition, keep copies of all business-related correspondence.

Be sure to consult your trusted advisors-- financial professional, attorney, tax advisor--before making any major decisions.

Click next Life Event Step....... Receiving an inheritance.