Don’t miss marriage’s financial perks

Don’t miss marriage’s financial perks

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Getting hitched? Give at least as much thought to your registered investments as you do your gift registry. You’ll likely find that tying the knot provides some unexpected financial favours.

Employee benefits
Take employee health benefits. If only one partner has health and dental coverage, she can add her spouse or common-law partner to her plan at rates well below market costs, says Cindy David, president of the Cindy David financial group Limited in Vancouver.

If both partners have benefits, then they have several options, says Andrea Ballett, senior employee benefit consultant at Al G. Brown & Associates in Toronto. If one person must pay into his plan, while his spouse’s plan is free it might make sense for him to opt out and be covered under his partner. Where neither spouse has to pay for their coverage, it often makes sense to keep both plans and coordinate benefits, claiming, for example, 80% of a prescription cost on one plan and then remitting the remaining 20% to the other plan.

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