Until the end of 2016, the purchase of a Google Home speaker comes with a six-month trial of YouTube Red. Go to YouTube's Red landing page to sign in with your Google account and sign up. You can sign up for a free one-month trial to try before you buy. YouTube Red is $10 per month and currently only available in the US, Australia, New Zealand, Korea and Mexico. You will not have to pay for both services separately.
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The inverse is true too if you already subscribe to Google Play Music, you also get access to Red automatically for free. The final benefit is that you get a free monthly Google Play Music subscription (normally $10) included with YouTube Red.