Due to a recent U.S. Supreme Court decision, insurance benefits that were once only available for man-woman married couples are now available to same sex married couples. Now that the ruling has taken effect, a person who is in a same-sex marriage can now extend their health benefits to their spouse without being taxed on the employer’s portion of the contribution. This is just one of the many ways that same sex marriages will now benefit due to the legislation changes.
This ruling not only changes the way in which same-sex marriages are taxed, but also the way in which they will shop for healthcare. With the Obamacare health reform quickly approaching, people can now qualify for federal subsidies as individuals or families when they buy health insurance publicly. If purchased on a health exchange, same sex married couples can now tap into this subsidized funding. In addition, eligibility for Medicaid gives them the ability to insure their whole families, as opposed to having to insure the children separately by biological parent. The new legislation also fixes tax regulations to benefit the same sex married couples. Previously, there were conflicting state and federal laws with respect to annuities but now, they are entitled for the same tax breaks as man-woman married couples.
While it’s fair to entitle same sex married couples to the same benefits as man-woman married couples, businesses are claiming that the new legislation creates an unnecessary burden on their financials and increases costs they normally wouldn’t have had to incur, had the law not been passed. It is uncertain how this Gay Marriage Court Ruling will affect the financial landscape, but at least sexual orientation is no longer a factor when procuring insurance.