Marriage is an exciting milestone, and it also brings significant changes to your health insurance options and needs. As a newlywed, you’ll have the opportunity to review, update, and potentially save money on your health insurance plan. Here’s how getting married can affect your health insurance:
Special Enrollment Period
Getting married qualifies as a life event under the Affordable Care Act (ACA), making you eligible for a Special Enrollment Period (SEP). This means you don’t have to wait for the annual open enrollment period to make changes to your health insurance. You’ll typically have 60 days after your wedding to enroll in or modify your health plan.
Combining Coverage
Marriage allows you to combine health insurance plans. You can either:
- Join Your Spouse’s Plan: If your spouse has a robust employer-sponsored health plan, you might want to switch to their policy.
- Add Your Spouse to Your Plan: If you have a plan with better coverage or lower costs, your spouse can join your policy.
- Choose a New Plan Together: Explore marketplace options to find a plan that fits your combined needs.
Evaluating Benefits
Review the coverage offered by both spouses’ plans. Consider the following:
- Monthly premiums
- Out-of-pocket costs (deductibles, co-pays, coinsurance)
- Network of doctors and specialists
- Prescription drug coverage
- Maternity and family planning benefits, if starting a family is in your plans
Financial Considerations
Combining coverage might save money, but sometimes sticking with separate plans is the better choice, depending on individual healthcare needs. Additionally, marriage might change your household income, potentially affecting eligibility for subsidies on marketplace plans.
Updating Your Records
Don’t forget to update your marital status with your employer, insurance company, or marketplace. This ensures you receive accurate information and billing.
Need Help Navigating Your Options?
Getting married is a big step, and choosing the right health insurance is crucial for protecting your future.
If you need assistance, we at Rodriguez Wealth Group are here to help! Email us at team@rwealthgroup.com or call/text (813)761-2836 to review your options and make the best choice for your new chapter in life.
Reference:
For more information, visit: https://www.healthcare.gov/glossary/marriage/