Money advice for a lasting marriage
When you get married, you might be saying “I do” to additional benefits. Many companies offer health insurance, life insurance and other benefits to employees and their spouses.
"Checking into what benefits are available to your spouse should be one of the first things you do when you go back to work after your wedding," says Josh Kadish RFC, partner with Chicago-based financial planning firm RPG Life Transition Specialists.
Even if spousal benefits aren’t available, it’s essential to update the details of your own benefits, including the beneficiaries on life insurance policies and retirement accounts.
Financial vow: Make an appointment with your human resources department to determine whether coverage is available for your spouse. Based on any changes, decide whether you need additional coverage to protect your new family.
If you both have health and life insurance coverage through work, compare plans. One insurance company might have lower copays or better prescription drug coverage, in which case it makes financial sense for both of you to be on the same plan, Kadish says.