Newlyweds and medical insurance

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Topic Author
icedtea
Posts: 763
Joined: Tue May 12, 2009 9:12 pm

Newlyweds and medical insurance

Post by icedtea » Sun Feb 10, 2019 9:13 am

I'm getting married soon and I'm looking for some guidance on how to approach determining whether to go on one of our medical plans and abandon the other. Both of our companies offer similar PPOs, which we prefer. Seems like there's some significant cost savings if we go on one plan, but I have some concerns.

What happens if we both go on mine and then something happens and I lose my employment? we wouldn't be able to go onto her plan again until the next enrollment period, right? whereas if we stayed on separate plans, and one of us lost employment at a point in time, would we be eligible then to have the unemployed spouse added to the employed spouse's plan, without having to wait for a new enrollment period?

By when do we need to decide this after our wedding?

Thanks,
Iced Tea

runner3081
Posts: 1853
Joined: Mon Aug 22, 2016 3:22 pm

Re: Newlyweds and medical insurance

Post by runner3081 » Sun Feb 10, 2019 9:33 am

icedtea wrote:
Sun Feb 10, 2019 9:13 am
Seems like there's some significant cost savings if we go on one plan, but I have some concerns.
I have not often found this the case (worked in HR-Benefits for many years). Employers typically subsidize a significantly higher portion of employee only coverage, compared to family members. It could happen, but would be surprising for anything other than each of you to remain on your respective PPO plans to be the most affordable method (assumptions - plans are similar in out of pocket costs or someone isn't a high-user of benefits).

As far as job loss -
Check out the "Qualifying Mid Year Change", if each of you keep your own plans and someone loses their job, you are allowed to join the spouse's plan with no lapse in benefits.

LTC_RN
Posts: 10
Joined: Fri Feb 08, 2019 8:38 pm
Location: New Jersey

Re: Newlyweds and medical insurance

Post by LTC_RN » Sun Feb 10, 2019 9:36 am

icedtea wrote:
Sun Feb 10, 2019 9:13 am
I'm getting married soon and I'm looking for some guidance on how to approach determining whether to go on one of our medical plans and abandon the other. Both of our companies offer similar PPOs, which we prefer. Seems like there's some significant cost savings if we go on one plan, but I have some concerns.

What happens if we both go on mine and then something happens and I lose my employment? we wouldn't be able to go onto her plan again until the next enrollment period, right? whereas if we stayed on separate plans, and one of us lost employment at a point in time, would we be eligible then to have the unemployed spouse added to the employed spouse's plan, without having to wait for a new enrollment period?

By when do we need to decide this after our wedding?

Thanks,
Iced Tea
Losing spouse’s medical benefits is a qualifying event so you can go on the other spouse’s medical benefits without waiting for the enrollment period. There is also COBRA benefits for 18 months when one lose’s medical benefits from their job.

Topic Author
icedtea
Posts: 763
Joined: Tue May 12, 2009 9:12 pm

Re: Newlyweds and medical insurance

Post by icedtea » Sun Feb 10, 2019 9:42 am

LTC_RN wrote:
Sun Feb 10, 2019 9:36 am

Losing spouse’s medical benefits is a qualifying event so you can go on the other spouse’s medical benefits without waiting for the enrollment period. There is also COBRA benefits for 18 months when one lose’s medical benefits from their job.
What happens if we both go on my insurance and then something happens and I lose my employment? Are you saying we'd be able to go onto her plan immediately without waiting for the next enrollment period?

LTC_RN
Posts: 10
Joined: Fri Feb 08, 2019 8:38 pm
Location: New Jersey

Re: Newlyweds and medical insurance

Post by LTC_RN » Sun Feb 10, 2019 12:59 pm

icedtea wrote:
Sun Feb 10, 2019 9:42 am
LTC_RN wrote:
Sun Feb 10, 2019 9:36 am

Losing spouse’s medical benefits is a qualifying event so you can go on the other spouse’s medical benefits without waiting for the enrollment period. There is also COBRA benefits for 18 months when one lose’s medical benefits from their job.
What happens if we both go on my insurance and then something happens and I lose my employment? Are you saying we'd be able to go onto her plan immediately without waiting for the next enrollment period?
Yes. When you have a baby, that’s also another qualifying event without waiting for the enrollment period.

Be sure to verify with her HR though.

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