Healthcare is both expensive and complicated. Solutions for reducing overall costs are at the forefront of politics and always will be. No matter your position on the healthcare system, you have to ensure that you are covered. Preventative care is super important to ensuring that you and your loved ones live healthy lives and can better manage health care expenses in the long run.
As an employee of a giant fortune 100 company, I have access to a very affordable and comprehensive insurance plan. The costs are very manageable and the insurance company (as well as my company) ends up absorbing a good chunk of any cost. My fiance is covered by her employer as well, however the plan is more costly and offers slightly less advantages.
Our pre-tax insurance payment comes out of our bi-weekly paychecks:
Me: $38 per paycheck
$1976 per year ($38 x 52)
Her: $68 per paycheck
$3536 per year (68 x 52)
Total Cost Per Year for Both of Us: $5512
So how are we saving money here? Well a week ago a friend of mine told me about the insurance benefit since we live together. I asked him “Don’t we have to be married to get savings perks?” He told me that we didn’t for Health Insurance. Apparently we can take advantage of each others benefits by simply living together (which we already do!). I had no idea this was possible but checked with my HR department and apparently only three things have to occur for two people to use each others insurance benefits:
- Live together
- Not related by blood
- Ages over 18
Turns out we fit the criteria! Might as well move my fiance to my health plan and save some cash. Once she is on my plan Jan 1, we will save:
Total Insurance Cost: $78 per paycheck
Total Cost Per Year: $4056
Yearly Savings: Old Cost – New Cost = $5512- $4056 = $1456.00 per year
It’s just that easy! We will save over $1400 bucks next year by simply moving her to my health insurance plan. The paperwork took about 10 minutes, and that savings doesn’t even factor in the better overall coverage for any doctor appointment.
So if you live with your significant other, review your health insurance plans and see if you can save ASAP!