Health Insurance for Newlyweds: How to Get the Best Coverage at an Affordable Price
Getting married is a momentous occasion, but it can also bring unexpected financial expenses. One of the biggest expenses for newlyweds is health insurance. If you’re like the couple described in the post, you may be wondering how to get the best coverage at an affordable price.
Do I Need to Include My Spouse’s Income When Shopping for Health Insurance?
When you shop for health insurance, it’s important to include your spouse’s income in your calculations. This is because you and your spouse will file a joint tax return, which means that your household income will be considered when determining the amount of the premium tax credit (PTC) you’re eligible for. The PTC is a tax credit that helps low- and middle-income families afford health insurance.
How to Qualify for a Premium Tax Credit
To qualify for the PTC, you must meet certain income requirements. For 2023, your household income must be between 138% and 400% of the federal poverty level (FPL). For a household of two, this means that your income must be between $18,345 and $53,520.
How to Find Affordable Health Insurance
If you qualify for the PTC, you can shop for health insurance on the Health Insurance Marketplace. The Marketplace is a government website where you can compare plans from different insurance companies. When you’re shopping for health insurance, it’s important to consider the following factors:
Your budget: How much can you afford to pay for health insurance each month?
Your health needs: What type of health insurance do you need? Do you have any pre-existing conditions?
Your family size: How many people need health insurance?
Getting Help from a Licensed Agent
If you’re not sure how to find affordable health insurance, you can contact a licensed health insurance agent. Agents can help you compare plans, find the best coverage for your needs, and enroll in a plan.
Conclusion
Getting married is a big change, but it doesn’t have to be an expensive one. By following these tips, you can find affordable health insurance for you and your spouse.
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