Money talks
Financial factors to think of when picking benefits
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- Association of Health Insurance Advisors:
- Association of Health Insurance Advisors
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- Council for Affordable Health Insurance
- U.S. Department of Labor, Health Plans & Benefits:
- U.S. Department of Labor, Health Plans & Benefits
You and your mate may 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, and start saving.
To join or not to join?
In general, couples pay less going on one health plan 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 plan protect our costs?
- If we grow (or have trouble growing) our family, will this plan grow with us?
- Is Fido covered?
You may be surprised to find that what you originally considered the “better plan” is not the best for both of you.
Compare plan costs
According to financial planning experts, this is one of the top ways to pick the right plan. Discuss monthly premiums. 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) or IRA.
Compare plan features
Low costs are important, but not everything. So go back to your policy and compare the features of each plan that matter most to you.
- Do you want a big network, with plenty of doctors to choose from?
- Is wellness top of mind?
- Are you looking for a plan with no referrals?
The harder the questions, the easier it is to choose the right plan.
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. And go through it to make sure every fact, figure and date is 100 percent accurate.
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 ask 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?
- Should extra money go to home repairs or vacations?
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 you both had different ideas on the best way to get there. The same goes with goals like:
- Investing strategies, like a 401K
- Real estate
- Childcare costs
- College tuition
You can agree, or agree to disagree. The most important thing, though, is to 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 dinner table.
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