As a newly married couple, insurance planning won’t be the most romantic topic of discussion. However, now’s the best time to review your coverage. Doing this will ensure you’re finances are protected in case of an accident, unexpected vet fees, high medical costs, and more. Here are some insurance planning tips you can use to stay on top of your finances.
1. Make Sure You Have Enough Coverage for Homeowners Insurance
A thorough inspection of your house is typically the first step in determining how much homeowners insurance you need. While insurance companies each have their own criteria for determining your home’s value and potential risk, it’s wise to inspect your property and what coverage you need before comparing quotes. Some common factors to consider include your home’s age, size, features, and roof’s age.
That said, when installing a significant component such as a roof, ensure you get the most durable one. You should do this because it’ll affect the rate a provider will give you. That’s why in a consumer poll, longevity (83%), followed closely by durability (88%), was found to be the most important consideration when choosing a new roof.
Home insurance providers usually have a tool for calculating your home’s rebuilding cost based on details such as the size and location of your home, any custom features, and interior finishes. The levels of other additional coverage types will be based on your dwelling amount, which is the coverage amount you’ll need for your home’s structure.
2. Combine Health and Dental Insurance
After you tie the knot, you and your partner will want to determine whether you’ll be included under one or the other’s health and dental insurance. Combining health and dental coverage can be a great way to reduce the overall costs for both of you. Additionally, you may be able to afford certain insurance plans now that you’re a dual-income household. For example, according to the American Association of Orthodontics, between 50-75% of people can benefit from orthodontic treatment, and adults make up 25% of orthodontic patients. However, orthodontics on an individual insurance plan can be costly. On a dual-income insurance plan, these treatment plans may be more affordable.
3. Opt for Pet Insurance
Forbes estimates that up to 67% of American homes have a pet. If you plan to adopt a pet as a newly married couple or already have one, you should consider getting pet insurance, especially if you or your partner’s workplace offers pet insurance as a part of their benefits plan. This will give you a cushion against the overall cost of veterinary visits if your furry friend becomes ill or injured. Should the unexpected happen, you won’t be caught off-guard financially. There are several pet insurance providers on the market, so take some time to compare different policies and choose the one that best meets your pet’s needs and your lifestyle.
4. Coordinate Coverage With Your Spouse
You can typically change your health insurance plan via the health insurance marketplace for personal coverage or work for group coverage once every year when open enrollment is active. However, you’ll be happy to know marriage is considered a lifetime event and will allow you to change your coverage outside the open enrollment season. If you and your partner don’t already hold health insurance, get coverage through your or your partner’s plan. If you both already have insurance, it’s a good idea to review your plans to determine if you should keep your individual policies or acquire joint coverage at this time.
Choosing a plan with a high deductible effectively lowers the cost of health insurance. Because you have to pay more before coverage begins, premiums for high-deductible plans are lower. This kind of plan is ideal for healthy young adults who aren’t on prescription medications and don’t need to visit the doctor frequently.
However, you don’t have to bet on your good health to save money on your deductible. If your company provides both a high-deductible health plan along with a health savings account, put money aside in the account while budgeting to cover your deductible, among other out-of-pocket medical costs.
It may not be the most romantic thing, but reviewing your insurance policy after you get married is one of the best things you can do for your financial future. Don’t hesitate to use the tips in this read.
