Health Topics All Couples Need to Cover

You and your partner pledged to love each other in sickness and in health. Have you spent any time discussing what you will do in various scenarios where one of you falls ill?

It pays to prepare for life’s challenges, especially in a nation that lacks a strong social safety net. Ultimately, it boils down to you and your partner looking out and caring for each other. Here are five health topics that all couples need to cover to achieve long-term financial security.

1. Life and Health Insurance

Going without health insurance coverage in America is a financially risky proposition. Two-thirds of all personal bankruptcy cases involve medical debt. Nearly half of all those filings cite hospital bills as the biggest contributor. Others occur among chronically ill patients whose stagnant wages can’t possibly keep up with soaring health care costs.

Find out when the open enrollment period is for your state and get coverage. You also qualify to use the Marketplace if you have a qualifying event, such as a job loss or cross-country move.

What would happen to you if your partner could no longer provide? It doesn’t matter if one of you is a stay-at-home parent — that individual still contributes considerable labour, albeit unpaid. If you both work, one partner might not be able to handle their share of the bills. 35% of people say they would fall behind within one month if one of their household’s breadwinners died.

Securing life insurance is essential for all couples who cohabitate, have children in common or otherwise rely on each other for support. It’s also a must for singles who have children who will require care if the worst happens. Please don’t leave your partner struggling with financial woes when they are in mourning.

2. Prior Medical History

Hopefully, you and your partner discussed your risk of STDs and got tested before becoming intimate or ditching the condoms. However, you need to know more than your other half’s HIV or herpes status when you share a house and home.

You should address anything that could impact your long-term financial well-being as a couple. Tragically, your health history may determine whether you are free to marry the person of your choice in the U.S. Because of the means-testing people with disabilities must undergo to keep care, some couples have had to divorce to prevent one partner in need from losing their benefits. You might decide that it’s better to cohabitate than tie the knot if this scenario applies to you.

You should also confess any conditions that could potentially impact your ability to have children. While it isn’t the only reason couples come together, it is a primary motivating force for many. It isn’t fair of you to promise the white picket fence and a backyard full of toddlers if you know polycystic ovarian syndrome (PCOS) or a low sperm count made conception difficult in the past. Future-faking is a sure sign of toxicity in relationships.

3. Long-Term Care

Eventually, you and your partner will get older — and one or the other of you might require long-term care. What are your wishes if you can no longer take care of yourself independently? Will you want to remain in the home with outside help and your partner’s support, or will you want to move into a residential care facility?

If you choose the latter option, will your retirement location allow you and your partner to cohabitate? Such arrangements are common in independent living facilities, but what if you anticipate one of you needing a higher level of care? You might wish to research continuing care retirement communities and figure out how to cover the expense.

4. Living Wills and Power-of-Attorney

While you don’t like to think about it, the time may come when you have to make medical decisions for your partner. How can you honor their wishes if you don’t know what they are?

For example, your partner could develop dementia, rendering them unable to make sound financial decisions. However, if you don’t already have a power of attorney signed, and they refuse after their condition makes them ornery, you may have no choice but to go through a court-appointed guardianship procedure. Putting off such decision-making could result in unexpected costs — have the tough conversation and get the requisite paperwork signed now.

5. Home Ownership

It’s no secret that rent is rising faster than wages — it’s even outpacing inflation in many areas. Unless you are absolutely committed to a nomadic lifestyle, it pays to put down your roots, often in the form of health savings.

How? Through several mechanisms. If you get hit with an unexpected medical bill, you can’t turn to your landlord for help. However, you can take out a home equity line of credit for a much better interest rate than you’ll get with most credit cards and personal loans.

Furthermore, your home can serve as a source of funding for medical needs in your retirement years. A reverse mortgage can help you offset living expenses that Social Security benefits don’t touch.

Please Tackle These 5 Health Topics All Couples Need to Cover With Your Partner

If you are in a committed relationship, your financial health hinges on you and your partner’s physical well-being. Take measures to protect yourself by tackling these five topics all couples should cover.

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