Without knowing what kind of Health Insurance your employer provides, or what state you are in there are some very simple answers to your questions. 1- Can I cancel the ER provided health plan: Yes. At ANY time you can terminate your health insurance policy. Be aware that the reverse is NOT true, and once cancelled you may not be able to get it back. 2- Can I go out and get my own health plan: Probably. Depending on your health history and current well-being, you may be able to go out and procure less expensive health insurance than what your employer has. Be aware that you may not be accepted for every plan you apply for. 3-Are there IRS problems: While you will have to speak with your HR department to be certain of this, probably not. The mechanism used to pay for your current Group Health Insurance (called a Section 125 POP, in California) is purely for your own benefit. You probably will not be able to use it to pay for your individual health insurance, but it is possible, depending on how the HR department/your broker set it up. Depending on your employer, he/she/they may even be willing to subsidize your individual Health Insurance costs. WARNINGS: It is certainly NOT a good idea to cancel the ER provided insurance before you have a letter (in your hand) from your individual insurance, stating that the new insurance company is covering you. Even bad Health Insurance is better than NO Health Insurance if there is an emergency. I am also not promising you will find less expensive products, or better coverage, so you will want to speak to an independent brokerage (ie- Not some one tied to a single carrier) in your state who can advise you on the specifics of your situation. If they want to charge you for advising you, find another broker. Additionally, Health Insurance rules and regulations can vary from State to State. If you are in CA, then the answers I have given are 100% correct. If you are elsewhere, there may be some variance. Also, if you are in California, I suggest you go to the website below and request a quote. The individual specialists there are exceptional. No, I am not one of the individual specialists.
by T'yr - 13 hours ago
Usually, you can cancel at anytime. However, most employers do not provide any money for you to opt out of the plan. If they do, it is usually about $100 or so, which isn't worth it. US Hospital costs are $10k per day, plus surgery costs at 10K+. My broken leg cost $24k for 24 hours of care. Declaring bankrupcy is hard now, so you are making a better financial decision by staying on the plan. I would recommend to your employer that they buy a choice based plan, that allows you to buy minimum health coverage and take the money back in cash or in the form of other types of insurance.
by wiseghy - 13 hours ago
Even if you are very healthy and have no pre-existing conditions it is very expensive to get your own insurance coverage. To get good rates you need to be in a large group of other insured people and in this country that means through your employer. Also, you can only deduct a small part of your health insurance premiums from your taxes and also you need to itemize. I know this because my employer doesn't offer health insurance and I had to buy it on my own.
by Laura - 13 hours ago
you will need to talk to someone in human resources. sometimes they will only allow you to do this at certain times, some employers will offer you cash back if you find coverage cheaper else wheres others will allow you to cancell but then you are on your own... it is best to start by talking with you Hr dept
by country_girl - 13 hours ago
Usually there are enrollment periods. It is during those periods that you can make changes such as opt'ing out. Check with HR to find out when/how.
by 7 - 13 hours ago
What is your employer's policy? Most allow changes only during an annual "open enrollment" period. Talk to H.R.
by bud68 - 13 hours ago
Some times when you cancel employer health benefits, the employer will pay the savings he/she gets back into your pay check. SArge
by lchasser - 13 hours ago
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