Health Insurance Planning for the Engaged Couple

Is marriage in your near future? In addition to planning your wedding, you and your spouse-to-be must decide how you’ll handle health insurance once you’re married. Let’s go through a few things you need to consider.

  • Think About Combining All Plans  
    If you each currently have your own coverage, look into whether it will make sense for both of you to be covered under one of these plans once you’re married. Generally, it’ll cost less for both of you to be covered under a single plan versus each of you continuing to have separate coverage. Choose carefully between the two plans, based on cost of coverage as well as range and level of benefits. If your fiancé is currently uninsured, you can add him or her to your current coverage once you’re married.
  • Don’t Forget to Drop a Plan
    Once the two of you are sharing coverage, make sure you drop any plan that you’ll no longer be using.
  • Know the Ramifications of Returning to the ‘Dropped’ Plan in the Future
    Let’s say that down the road, you and your spouse are both covered under your spouse’s employer’s plan. Then, for whatever reason (for example, your better half loses his or her job and, as a result, you both lose health coverage), you decide to go back to being covered through your own employer. You might have to pass a physical exam to regain the coverage you had earlier. Right now, if you and your spouse-to-be are covered under separate plans, check into each plan’s conditions for reinstatement.

Webinar: Getting Married? Time to Plan Your New Financial Life
When a couple marries, both spouses must typically adjust to a new world of joint finances. If you’re engaged to be married, you and your love can make the transition to married life easier by getting a head start on building your new financial life together. In Ernst & Young LLP’s February webinar, we’ll discuss budgeting, debt, insurance, taxes, and more from the perspective of a couple headed to the altar.

Register today for Getting Married? Time to Plan Your New Financial Life webinar. Click on the links below to register. For one-on-one, personalized assistance, call the EY Financial Planner Line® at 1.877.927.1047, Monday through Friday from 9:00 a.m. to 8:00 p.m. (ET).

This article was used with permission by Ernst & Young LLP.