Employer sponsored benefits can be a cost saving opportunity for most married couples, but choosing the right benefit options can be complicated. You might have different healthcare needs, or one of you may work freelance — so it may not be as simple as picking the cheapest option.
Here’s how you can make sure you and your spouse have the right benefits coverage, while boosting your household earning power.
Review Your Benefit Options
Check with your employer to see what benefits are available to you and your dependents, and at what cost. Then, talk about your healthcare and other benefit needs in detail:
- Do you take medication?
- Are dental, vision and other voluntary coverage options included in your benefits plans?
- What type of coverage matters most to you both right now? If you’re preparing to start a family, does your coverage include any childcare benefits, disability insurance or life insurance?
- What are your out-of-pocket costs for each plan, for monthly premiums, copays and deductibles?
- Are there any additional fees or surcharges if your employee benefits do extend to your partner?
Do You or Your Partner Work Freelance?
If you or your spouse has a nontraditional career, or works freelance, you should review the health insurance coverage set up by the ACA or “Affordable Care Act”. Their coverage options are more competitive. There’s also a tax savings to consider when paying for your own health insurance as a freelancer. You could also be eligible for a subsidy to help pay for coverage, so comparing price estimates for both employer provided benefits and ACA options will be important for you both to look at.
Disability and Life Insurance are Important
Don’t underestimate the importance of disability and life insurance. If you or your loved ones depend on your income, you need to protect it. A disability insurance policy could also help supplement your spouse’s income after a baby is born. This type of coverage can help you and your spouse build a secure future together.
As you’re reviewing your benefit options with your spouse, be open and honest about what you both really need, and take the time to compare benefit costs so you can save money while staying protected.