The wedding’s over and now it’s time to look at things you may have put off, such as finding medical insurance. Now that you’re a family, it’s time to plan for the future and that means thinking about health care needs.
If you don’t have insurance, or only one of you is insured, it’s the perfect time to get the medical coverage you need. If one of you has coverage through an employer, you may be able to add your spouse to your existing coverage. However, if that is not the case, it’s time to shop for family medical insurance plans.
Health Insurance is Only Available at Specific Times
Due to the Affordable Care Act (ACA), you only have 60 days* after your wedding day to purchase new health insurance in Wisconsin during a Special Enrollment Period. Otherwise, you have to wait until Open Enrollment. It’s also important to note that if you go without health insurance for more than three months in a year, you may be liable to pay a fine. The fine is 2.5 percent of your yearly household income or $695 per person ($347.50 for a child under 18), whatever is more.
SHOULD I BUY INDIVIDUAL OR FAMILY MEDICAL INSURANCE?
If one of you is insured through an employer, the other may join that plan or buy individual health insurance.
In certain circumstances, it may make sense for one spouse to move off the employer plan and onto a family medical insurance plan with the other spouse. This way, it may be possible to get subsidies to help pay for family health insurance. However, you’re only eligible for subsidies if –
- Premiums for your employer’s lowest-priced, self-only plan cost more than 9.56 percent of your family’s total income
- Your family’s income qualifies for subsidies
- The plan offered by your employer doesn’t meet minimum value standards
If you're ready to shop for family medical insurance plans, we have a variety of affordable options to choose from. Need more information? Chat with our friendly and knowledgeable customer service representatives at 800.362.3310.