How Marriage Influences Your Finances?

Marriage changes your legal status, but that’s not the only change this event brings to your life. Before taking the plunge, you need to look at your new financial responsibilities as well. You become more liable and financially responsible to your spouse after marriage. Planning your finances properly can prevent constraints between the two of you.

##Here’s how wedding changes your personal finances over time:

##Bank Accounts after Marriage:

Before getting married, consider your banking goals as well. Basically, you have three main options. You can keep your accounts separate to maintain your financial independence. The second option is to open a joint account to share the common expenses. In some cases, you can also go for a combined approach of opening a joint account and retaining the separate accounts.

##Health Insurance after Marriage:

If you are married or waiting to get hitched soon, it’s time to revisit your health insurance as well. It is a very important financial planning instrument that should make way to your post-marital portfolio. Those who have a medical health insurance cover should get their spouse included in it.

There are many circumstances to consider from the perspective of both husband and wife.

Scenario 1:

If your wife is covered under a family floater health insurance plan taken by her parents, your wedding will not affect the same. In fact, she can continue this health insurance until the allowable age of 20-25 years. On completion of this age, you can prefer a family health insurance plan or opt for an individual health insurance for your wife. If your wife is financially independent and has a health plan that was taken some time back, you need to consider your options. It can be either continued as such by changing her maiden name or you can club this plan to a new one taken with her changed surname.

Scenario 2:

For women who are financially independent, their health insurance coverage can be continued as such even after marriage. There are options like converting your existing plan to a family floater that includes your husband. In case he has an individual plan, you can simply change your name and continue with your own policy.

Scenario 3:

As a couple, if you don’t have any insurance cover for health, there are many options to choose from. You can go for two individual policies for both of you. If the wife is financially dependent on her spouse, the husband can take these policies as proposer. But, if both are economically independent, they can be a proposer for their own policy. Yet another option includes the couple buying a family floater plan that covers their lives under a single policy.

Tata AIG MediCare Premier (UIN: TATHLIP18005V011819) has unique beneficial features like the maternity benefit, new born baby cover, first year vaccinations, global cover, bariatric surgery cover, restore benefits and many more.

On choosing the family floater health insurance plan, you can also avail discounts based on the number of members insured.

So, with marriage, you need to fine-tune your health insurance as well!

Marriage brings many substantial changes to your life, so maintaining your finances is equally important for a happy and peaceful married life!

For more information, Call Toll Free No: 1800 266 7780