Should You and Your Spouse Share Health Insurance?
Getting married means lots of conversations about combining everything from last names to bank accounts. While picking a health insurance plan that covers both of you may seem practical, there are cases in which maintaining separate policies makes more sense.
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Know Your Options
Not all couples have a choice when it comes to their health insurance coverage. If one spouse is unemployed or doesn’t have access to health insurance through their employer, then paying a higher monthly premium for a health insurance plan that covers both partners may be the best way to go with the spouse who’s employer does offer group coverage to their employees.
Some employers contribute to spouse and children, others do not contribute. Each employer can decide on their own if they’ll offer to help pay for spouse and children. If the employer does not contribute, then spouse and kids will pay full price for their health plan. It’s then where the spouse and kids can look at other options. Getting quotes for a private plan may be a valid option.
DO NOT buy a health plan without speaking with a licensed agent. Many may turn to Nevada Health Link looking for a subsidy to help them pay their health insurance plan when they or a spouse has group insurance offered to them. This may result in paying thousands of dollars back to the IRS.
Deciding to Have Separate Policies
At one point, many employers provided outstanding health insurance plans that were superior to anything you could afford on your own. However, that’s not necessarily the case today. Many employers are offering benefit-rich plans, and even basic comprehensive plans cover a wide array of essential services. Oftentimes, it makes sense to skip the spousal surcharge and just get a separate plan.
If one spouse has a greater need for a lower deductible, or feels like they could benefit from a plan with higher deductibles, staying together, or keeping separate health insurance plans may be the best move. It makes sense to shop around for a health insurance plan that meets all family members unique medical needs.
Deciding to Share a Health Insurance Plan
There is one big reason that sharing a health insurance plan may make the most sense: the annual out-of-pocket max limit. According to 2020 regulations, no family can be charged more than $16,300 for in network out-of-pocket costs on one policy, even if that policy includes multiple family members.
Consider this: if you and your spouse were in an accident and you both went to the hospital and both ended up with $15,000 in medical bills, generally speaking, the most you’d pay for that 1 family members out of pocket maximum for 2020 would be $8,150, buy you’d need to check your individual plan out of pocket maximum. Health Savings Account HDHP’s are the exception for the $16,300 out of pocket maximum.
Finding the Best Health Insurance with Nevada Insurance Enrollment
Health insurance is complex, and figuring out what fits your household’s needs can be a confusing process. At Nevada Insurance Enrollment, our health insurance agents specialize in helping households determine what options are available to them and how they can get the right coverage at an affordable rate.