Dealing with Loss

A Guide For the Newly Widowed

Coping with a loved one's death is never easy. The transition from spouse to widow is a very painful and personal experience. The trauma of trying to adjust to this new stage in life, while being overwhelmed with so many urgent questions and decisions, can seem like far too much to handle.

While this time is filled with an abundance of emotional challenges, try to consider preparing for your future and mapping out a financial and health benefits plan. Although both men and women can be widowed, widowhood is more common among, and is more likely to mean a loss of health insurance, for women than it is for men.

If you were covered under your spouse's health insurance through work, COBRA entitles you and any dependent children to continue under your spouse's plan for up to 36 months. COBRA offers temporary coverage, provided you pay the premiums.

If you were not covered under your spouse's plan, you may need to purchase your own health insurance. Check with your spouse's employer to see if you can continue with its group health insurance plan, which might be less expensive, and make sure to contact the company issuing the policy to make any changes or for more information.

Here are some additional to-dos to remember when faced with the death of your spouse. While they may seem simple, they are very important points to remember:

• Handle business affairs
• Notify financial institutions
• Apply for death benefits
• Contact Social Security
• Contact employers
• Seek military or veteran benefits, if applicable
• Discuss finances with family
• Organize financial records
• Develop a long term budget
• Update wills and beneficiaries
• Collect financial and estate documents
• Settle the estate
• Develop an investment plan for your needs
• Save for your own retirement

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Aetna FPA