Marriage and Money: Six Tips for Same-Sex Couples

U.S. Supreme Court decisions gave same-sex married couples the same rights and privileges as opposite-sex married couples. If you're married or on your way to the altar, you'll want to sort through the financial implications and potential opportunities you have.

1. Evaluate your employee benefits

Once you're married, you may want to coordinate workplace benefits with your spouse. Start by contacting your employer's human resource department in order to evaluate the benefits that are available to you. For example, you may want to enroll your spouse in your health and dental plans, or cancel your own coverage if you opt for coverage under your spouse's plan. If your employer offers voluntary group life insurance coverage for your spouse, you may now want to consider purchasing it. You may also be able to help cover your spouse's health insurance expenses through contributions to a flexible spending account or health savings account.

Normally you can make benefit changes only during your employer's annual open enrollment period, but under IRS guidelines there's an exception for certain qualifying events, including marriage. However, you have a limited window (30 days) to make eligible coverage changes. If you don't make these changes within this period, you'll need to wait until the next open enrollment season.

Complete Article

How Can We Help You?

Name *