Single Versus Two-Person Policy Costs

If you and your domestic partner or spouse are employed and each has access to group health insurance through your respective employer, you need to consider all your options. There are ways of finding cheap health insurance, and today health insurance consumers must be vigilant about considering the costs for each insurance policy. Since both of you are eligible for single-person employer-sponsored coverage, you wil need to figure out if it would be more economical for one of you to add the second person to his or her policy.

Each situation is different, but you should, at a minimum consider the following:

• Total premiums to be paid for two single-person policies vs. one two-person policy
• Total deductibles you would have to pay under each scenario
• Services covered under each scenario
• Total out-of-pocket maximums under each scenario

While the premium for a two-person plan will probably be more expensive than either single-person policy, when you consider total overall costs, a two-person policy may actually save you money in the end. Another thing to consider: Some employers actually give money back to employees who do not enroll in the company's health plan. Do not forget to factor that in as an offset to your total overall expenses when considering expenses.