For most people, the cost of health insurance is startlingly high.
Having a single insurance plan or a family insurance plan might seem like a no-brainer. If you are single you take the single insurance plan and if you are married you take the marriage insurance plan right? That might be the expected norm but there are other things to consider as well.
What is the difference between a single plan and a married cover plan?
Basically, a single plan covers one person while the family insurance plan covers a person, their spouse, and their dependents or children. If both employers of the couple offer health insurance, the couple can decide to either keep their own health insurance cover or consider joining one of their other spouse’s plans.
What a married couple should consider before choosing a health insurance plan
A couple should consider the benefits a cover plan has to offer for the couple also, the number of people the cover includes and how much it will cost. Some insurers offer a two-party plan. Hence, if either or both of your insurers offer health insurance benefits to spouses, take your time to do a side-by-side comparison of both your plans and consider some options.
How beneficial will it be?
1. If each of you keeps your current plan
2. You join your spouse’s plan
3. Your spouse joins your plan
You also need to consider how your monthly premiums will change if you both join one plan. And what happens to your deductibles and the possible out-of-pocket costs. If luckily, you or your spouse has already met their deductibles or met their out-of-pocket costs in the current year plan, you might not want to start a new plan for both of you especially, if you foresee additional health care expenditures due to certain medical conditions.
However, if your employer does not offer health insurance it may be wise to join your spouse’s plan. Not only is it cheaper, but also, you can both enjoy the health insurance benefits that come with your spouse’s plan.
Health insurance single plan versus Marriage plan
When you both have health insurance and have a family, a single two-party plan is the best option. Statistics prove that it is always more affordable to get a single policy getting coverage through one of the spouse’s employer. Most employers charge less for an individual policy covering two people as compared to two separate policies. Also, if you want to include the kids, a family plan is the best way to go.
Marriage is a qualifying life event that gives you the chance to change your insurance cover policy and add your spouse. These changes are usually done within 60 days after the marriage. Ensure you both do your research and make a decision before the deadline elapses.…