#COMBINING FINANCES AFTER MARRIAGE FREE#

If you don't have employer-sponsored health insurance, you can apply for coverage on your state or federal exchange, or you can change your current coverage in the 60 days after you get married. Some things to consider: How will your monthly premiums change? And what will happen to your deductible and possible out-of-pocket costs? Does your employer offer an incentive for declining coverage and joining your spouse's plan? Also, if you (or your spouse) have already met your deductible or paid significant out-of-pocket costs in your current plan year, you might not want to start a new plan with new limits, especially if you're anticipating additional health care expenditures. If either (or both) of your employers offers health insurance benefits to spouses, do a side-by-side comparison of your plans and consider three scenarios. If you miss that deadline, you'll have to wait until the next open-enrollment period to make changes to your plan. Most plans require you to make these changes within 60 days of your walk down the aisle. Marriage is one of the qualifying life events that allow you to change your insurance plan or add your spouse. Your nuptials are also a good time to revisit your health insurance plans. That's because spouses are likely to care for each other at home whenever possible, while a single person might not have that option. Married couples also get big discounts on long-term care insurance, as much as 40%. It's worth it to call and ask for a better deal once you're hitched. Home insurers might use marital status as a factor in determining your rate, or they might just offer a flat discount, for example 5% off, when you get married. However, the difference is less as you age, so a 30-year-old might only get a 2% decrease in his rates after he says 'I do.' This favorable treatment is automatically applied whenever you get an auto insurance quote as a couple.

A young 20-something could pay 20% to 26% less on car insurance premiums once he gets married. Auto insuranceįor auto insurance, the impact is greatest for very young people.

Both homeowners and auto insurers may offer lower rates to married couples because statistics show they behave more cautiously and file fewer claims.

#COMBINING FINANCES AFTER MARRIAGE FREE#

How marriage impacts debt and liabilityĬalling insurance companies may not feel like the most romantic activity for a newlywed couple, but it could free up some cash to help pay off the honeymoon.Marriage and retirement, IRAs and Social Security.

Combining finances after marriage