Getting Married

back to Getting Married

Money Talks

Learn your spouse's money mindset and make plans for a secure, healthy future

You and your mate may seem to be a perfect match in every way. But you may not know that you have different opinions on health benefits and managing money. These tips can help you start talking. Once you start talking, you can start saving.

To join or not to join?

In general, couples pay less if they are on one health planhealth plan
A health plan that you buy or that is provided by your employer. It pays for health care services. I... more than they would as two singles. So even if you both have health plans through your jobs, it often makes sense to pick the one that fits your lives best. But before you do, ask some questions:

• Are both of our jobs safe?
• If we have any surgeries planned, will this health planhealth plan
  A health plan that you buy or that is provided by your employer. It pays for health care services. I... more protect our costs?
• If we grow (or need help to grow) our family, will this plan help us? 

You may be surprised to find that what you originally considered the "better plan" is not the best for both of you.

to top

Compare plan costs

According to financial planning experts, this is one of the top ways to pick the right health planhealth plan
A health plan that you buy or that is provided by your employer. It pays for health care services. I... more. Discuss monthly premiumspremiums
The amount charged by a health insurer for a health insurance policy. If you have a health plan thro... more. Figure out which services you use most, and what the copays are. Do plan deductibles scare you? If so, which of your plans has the lower one?

Chatting about costs can help you save for your nest egg. Or invest in things like a 401(k)401(k)
A 401(k) is a type of personal pension plan offered by an employer. It provides tax advantages on mo... more or IRA.

to top

Compare plan features

Low costs are important, but they aren't everything. So go back to your policy and compare the features of each plan that matter most to you.

• Do you want a big networknetwork
  Also called "provider network." A panel of physicians, hospitals and other health care professionals... more, with plenty of doctors to choose from?
• Does your plan offer incentives for exercising, healthy eating and other wellness activities?
• Are you looking for a plan that does not require referrals?

The harder the questions, the easier it is to choose the right plan.

to top

Get financially fit

Now it's time to lay your financial cards on the table. For young couples, this often involves debt from college loans or credit cards. Get a copy of your credit report. Go through it to make sure that every fact, figure and date is accurate.

to top

Learn each other’s money mindset

You may be wed, but your ideas on the family budget may not be. Here are some questions to get the discussion started:

• Are you a spender, saver or hoarder?
• Does the stock market thrill you, or chill you?
• Who should handle the checkbook?
• Would you rather spend extra money on home repairs or on vacations?

to top

Look into your financial future

When it comes to big dreams, it's never too early - or late - to start planning. For instance, retirement may be a long way off. But by talking about it today, you may learn that you both have different ideas on the best way to save for it. The same goes with other goals, such as:

• Investing strategies, such as a 401(k)401(k)
  A 401(k) is a type of personal pension plan offered by an employer. It provides tax advantages on mo... more
• Real estate
• Childcare costs
• College tuition

You can agree, or agree to disagree. Either way, keep the lines of communication open.

Money matters - even more so when you’re married. So don't forget to bring all health and money matters to the table.

to top

back to Getting Married