The love of your life popped the question and you said, “Yes!” Now it’s time to send out your save-the-dates, find a reception hall, taste test wedding cake, and shop for wedding bands. There is one more important thing you should be adding to your wedding to-do list.
Coupling your health insurance.
Your to-do list should include many “big picture” items, such as combining finances, deciding when—or if—you want to start a family, and how you can save money on health insurance. In order to save money when coupling your health insurance, there are a few things you should consider:
Premium costs – The premium you select will represent a large part of your monthly budget, so be sure to choose wisely.
Deductibles – Pay careful attention to your deductible, especially if either of you will be requiring frequent or constant care.
Out-of-pocket expenses – You may need to get out a calculator and examine your deductibles, coinsurance, and copayments to see where money can be saved. Don’t forget to include any costs for services that are not covered.
Prescription drug coverage – Be sure to look through your list of covered drugs, also known as drug formulary, that aligns with the plan you choose. Are your prescription drugs covered?
Convenience – Do you want to keep your current doctor or is there a certain distance you’re only willing to travel for care? If so, be sure the provider network you choose meets all of your needs.
Special enrollment period – If you miss your special enrollment period after you get married, you will have to wait until the next open enrollment period to update or change your health insurance. If you have another life change, you may qualify for another special enrollment period.
Special enrollment for same-sex couples – Effective Oct. 6, 2014, each spouse in a same-sex marriage is eligible to enroll the other as a dependent spouse on his/her health insurance plan, subject to the terms of the enrollee’s certificate of coverage.
WPS and Arise Health Plan are offering a one-time special enrollment period for same-sex spouses who are not eligible to enroll under the terms of the enrollee’s certificate of coverage based on the date of marriage.If you and your new spouse are 65 or older, you may be wondering if getting married will affect Medicare. Medicare is individual insurance, not family coverage. So, the good news is that your coverage won’t change, but your premiums may change.
Examine all of your health insurance options with your sweetheart, so you both can stay healthy while saving money for your future.