So, you're getting married? Congratulations! However, take note: entering the married state has legal and financial implications to your health and pension benefits. It is important to review and address these benefit plan issues early on. We present here a summary of the Health and Pension issues you need to understand to get a good start in your new life (so that you can get back to more important things, like fighting with the caterer).
- You must complete a new Enrollment Card and include a copy of your marriage certificate. This must be done within 60 days of the marriage in order to ensure Health & Security coverage for your new spouse.
- You should review your designations of beneficiary for the Health, Retirement, and Individual Account Plans. For the pension plans, your spouse automatically becomes your beneficiary when you get married.
- Review the rules for coordination of benefits. Coordination of benefits rules govern how each plan will pay for health care claims if each spouse has group health insurance.
- Review the rules for pre-retirement death benefits under the Retirement and Individual Account Plans. You should be aware that the rules for married persons are different from those for single persons. When you get married, your spouse gains certain rights with regard to these benefits.
Financial planners recommend that recently married and those planning to get married should update a number of personal plans and documents. Here is a checklist of some items which you may need to update, revise, or consider:
Health & Security SPD
- Dependent Eligibility and Enrollment
- Family and Medical Leave Act
- Life Insurance and Accidental Death and Dismemberment Benefits
- Participant's Beneficiary
- Coordination of Benefits (COB)
Individual Account SPD