Newlyweds have some big decisions to make as they merge their lives. Now that you and your spouse are officially married, it’s an excellent time to review your insurance options.
Health Insurance
Most people can only enroll in health insurance during the Open Enrollment period at the end of each year. But getting married is considered a qualifying event. This means you and your spouse are eligible for a special enrollment period; you have 60 days from your wedding day to enroll in a health insurance plan. Unfortunately, if you miss this period, you will have to wait until open enrollment.
When choosing a health plan, you have several options to consider. You can keep separate health plans. But it might be cheaper to add your spouse to your employer’s group health plan. Speak to your human resource department at your job about the cost for employee and spouse plan. You can also compare plans on and off the marketplace to look for a new plan altogether. Whichever option you go with, choose the one that fits your specific needs and budget.
Life Insurance
Most single people don’t have life insurance, but that changes now that you are married. Your death would leave your spouse in financial trouble, especially if one of you depends on the other’s income to pay the bills, you share a mortgage that neither could afford alone and if you guys have debts. Having life insurance can keep situations like these from causing financial burdens for the surviving spouse.
Getting life insurance while your young and healthy results in lower-cost premiums.
Cosmo Insurance Agency is a full-service independent insurance agency based in Hackensack (Bergen County) and Lakewood (Ocean County), New Jersey that offers an all-encompassing range of insurance options for both individuals and businesses. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating our knowledge of the insurance guidelines for healthcare, employee benefits, life insurance, self-insurance, dental, disability, and long term care insurance, we keep our clients up-to-date with affordable plans that cover all their specific insurance needs.
