The Benefits Of Love In Marriage And Other Long-Term Partnerships

love

February is the month of love.

Romantic love is the primary focus of the month. We pay tribute to the excitement of new love, the comfort and familiarity of established long-term love, and the many benefits that being in a loving partnership can bring.

From Hearts And Flowers To Joint Insurance Coverage

As we move through this month where most people think of hearts and flowers, romantic dinners, chocolates and diamonds and other loving gifts, I think about the advantages of joint versus single insurance options! Go ahead, you can call me crazy! But do hear me out, especially if you are in a long-term committed relationship but are not married – or jointly insured. Being in a committed relationship has advantages other than the usual romantic ones.

Living Together More Common Than Marriage

Marriage has historically been the only type of institution that has been legally recognized and gives those in union tax breaks and insurance benefits. However, we are living in unprecedented times. Divorce is more common than lifelong unions. More people are choosing to live together rather than marry. In fact, according to the National Center for Family & Marriage Research there were 7.9 million heterosexual co-habitating couples in 2014.

In addition, according to Education Week, in the U.S. Census Bureau’s 2013 American Community Survey, “Nearly 210,000 children under the age of 18, lived in some 122,000 households with same-sex parents.”

Marriage No Longer Legally Required For Joint Benefits

The fact is, you no longer have to be married in order to be considered for joint coverage. The cost savings of joint versus single coverage can be significant. Some employers are offering health insurance under Domestic Partnership or Qualified Domestic Partnership qualifications. You can also get joint coverage if your employer doesn’t offer it.

When planning for the future and looking into asset protection and long-term care coverage, joint options are typically more cost effective than individual coverage. And when you consider the importance of long-term care for both partners that can be significant savings.

It’s an amazing time that we live in. It is truly wonderful to be able to freely love who we love. And, to be able to reap the benefits that once were only allowed to married heterosexual couples is something to be celebrated and not to be put off. If you are in a long term committed relationship – be it traditional or non-traditional – Red Feather Financial is here to help you explore all of your financial options for insurance coverage, estate planning, asset protection and long-term care needs. Give us a call today.

Investment Advisory Services offered through Center Street Advisors, Inc. (CSA), an SEC Registered Investment Advisor. Red Feather Financial and CSA are independent.
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Investment Advice offered through William Joseph Capital Management, LLC, a registered investment advisory firm headquartered in the State of CT and registered in CT, NC, GA, TX, and FL. Additional services offered through non-affiliated companies. | Lower fees for comparable services may be available from other sources. | PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE OR RESULTS | NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE |NOT A SOLICITATION TO BUY OR SELL ANY SPECIFIC INVESTMENT, STRATEGY, OR SECURITIES.