When couples get married, many of them choose to also combine their finances, credit accounts and insurance coverage to strengthen their financial positions. In the event of a divorce, however, some partners who were dependent on their spouse's assets or insurance coverage find themselves in a precarious position going forward. This is particularly the case for women who relied on their husbands' health insurance coverage, new data finds.

A study conducted by the University of Michigan finds that roughly 115,000 women lose their private health insurance benefits on a yearly basis as a result of divorce. The research also found that this loss of insurance is not temporary, but spans an average of two years before they obtain coverage from another policy, be it private insurance or an employer-sponsored plan.

According to the results, 65,000 lose all types of insurance coverage each year following a divorce, a scenario that may result from no longer being covered as a dependent or not being able to afford the monthly premiums. For women who lose their coverage under their husbands' employer-sponsored plan, roughly 25 percent of them are still uninsured following the divorce proceedings.

"Given that approximately one million divorces occur each year in the U.S., and that many women get health coverage through their husbands, the impact is quite substantial," said Bridget Lavelle, a U-M doctoral candidate in public policy and sociology and lead author of the study.

ACA, new products may make insurance more cost-effective

Many health insurance marketing agencies are already beginning to prepare for the implementation of the Patient Protection and Affordable Care Act (ACA) which is designed to make health insurance more competitive and affordable for Americans. Further, studies show that many insurers are planning to roll out new products that cater to specific demographics and their unique financial conditions to gain a stronger following.

Millions of Americans have noted that they are still confused about how the ACA will impact their insurance, giving marketing agencies an opportunity to educate the public and generate insurance leads before new legislation takes effect. As many consumers rely on online portals to learn about financial and insurance products, ramping up social media and email marketing campaigns may be a good place for marketing agencies to reach existing and new customers.

The Lift Factor is a leading marketing resource in the financial services and insurance industry, providing its clients with the most accurate, timely and relevant information in meeting their needs.