One thing that you should think about when you are considering marriage is how you and your future spouse will deal with employment benefits and insurance. If you both work and you both intend to continue working, you will have to review the benefits available to you and choose which employer's plans suit your needs. If only one of you will be working, then the working spouse will have to add the non-working spouse to the benefit plans.
You can discuss this informally before you get married. However, you may have a time limit in which to notify your employer about a change in your life and to request that changes be made for coverage. So, be prepared to make these decisions about insurance and employment benefits shortly after you get married.
Benefits Available
Some of the benefits from your employer may include medical, dental and vision insurance. Your medical insurance plan may have an option for a flexible spending account or a health savings account, which are ways to save on taxes and make the most of your health care dollar. Other benefits may include life insurance, disability insurance and long-term health care insurance. You may be eligible for auto and homeowners insurance through your employer. Finally, pet insurance might be available to you.
Other employment benefits that your employer might offer are 401(k) and pension plans for your retirement years.
Review Your Employer's Insurance Plans
You should review the insurance plans available to you and to your future spouse and decide which plans you prefer:
- For medical, dental and vision insurance plans, compare costs and benefits, taking into account any illnesses or health care requirements. Check to see if your employer's plan will allow you to add your spouse if he or she has access to insurance through his or her job;some plans don't allow double coverage. If you have a flexible spending account or a health savings account, consider how adding a spouse to your plan might affect your new family budget.
- As to life insurance, you and your soon-to-be spouse should decide whether she or he will need life insurance and in what amount. Also, you will need to add your new spouse as a beneficiary to your existing insurance policy.
- Disability insurance and long-term health care insurance may or may not be available to your new spouse through your employer. You should review your plans and make your decisions according to your circumstances.
- Automobile insurance is required in most states. So, see if you want to remain on your current plan with your spouse added as a family member. A change in your marital status might affect your insurance rates, and that might affect which plan you want to keep if you have options. Homeowners insurance should cover the residence of you and your spouse. Check the extent of coverage and decide whether you need more property insurance.
- If your new spouse has a pet that needs pet insurance, you will need to add the pet to your existing pet insurance plan.
If any of these insurance plans are not available to you or your new spouse through your employers, you should consider looking into independent sources for insurance.
Review Your Employer's Pension Plans
Many employers provide 401(k) plans and pension plans for their employees. These accounts are for the employees only, and they will not cover your new spouse. However, you should review and/or change your beneficiary designations to reflect your new family status. Your new spouse will probably want to be added as a beneficiary, and you can do that by filing the proper form with the plan's administrator.
Taking these steps will ensure that your insurance and benefit plans suit both you and your new spouse in your new married life.
Questions for Your Attorney
- How will my marriage affect my employment benefits and insurance?
- Can I wait until after we are married before discussing which benefits my new spouse will be eligible for?
- When should I notify my employer about adding my new spouse to my insurance and other employment benefit plans?