Are you thinking about getting married? If so, you’re probably wondering how it will affect your finances. One of the biggest considerations is how marriage will affect your health insurance.

Understanding Health Insurance Coverage Under the Affordable Care Act (ACA)

The Affordable Care Act (ACA) is a law that was passed in 2010 to make health insurance more affordable and accessible for all Americans. The ACA created a number of new rules and regulations for health insurance companies, including rules about how they can set premiums and what benefits they must cover.

One of the most important parts of the ACA is the requirement that all Americans have health insurance. If you don’t have health insurance, you may have to pay a penalty. The penalty for not having health insurance is $695 per adult and $347.50 per child in 2023.

How Marriage Affects Health Insurance Under the ACA

If you get married, your health insurance coverage will change. You will be able to add your spouse to your health insurance plan, or you can both get your own plans. If you add your spouse to your plan, your premium will likely go up. However, you may also be able to get a better plan with more benefits.

If you both get your own plans, you will each have to pay your own premium. However, you may be able to get a lower premium if you qualify for a subsidy. Subsidies are available to people who have low incomes.

Deciding What’s Right for You

The decision of whether or not to get married is a personal one. There are many factors to consider, including your financial situation, your health, and your relationship. If you’re thinking about getting married, it’s important to talk to your partner about how you will handle health insurance. You should also talk to a health insurance agent to get more information about your options.

Additional Considerations

In addition to health insurance, there are a number of other financial considerations to keep in mind when getting married. These include:

Taxes: Married couples can file their taxes jointly or separately. Filing jointly can save you money on taxes, but it can also increase your tax liability if one of you has a high income.
Estate planning: If you get married, you should update your estate plan to make sure that your spouse is taken care of in the event of your death.
Retirement planning: Marriage can affect your retirement planning. You may need to adjust your retirement savings goals if you have a spouse who is not working or who has a lower income.

Getting married is a big decision. It’s important to weigh all of the factors involved before making a decision. If you’re not sure what’s right for you, talk to a financial advisor or a health insurance agent.