When to reject health insurance offered by your employer
Your employer may offer health insurance, but that doesn’t mean you must buy it. In fact, you can buy health insurance from the marketplace with better coverage and also save money. That said, here are two scenarios where you might want to opt-out of the group insurance at work and buy health insurance on your own instead.
Your employer doesn’t contribute to the insurance premium
Most employers help pay insurance premiums, but not all. Also, the amount they subsidize varies from employer to employer. If your employer doesn’t help you pay your premiums, you might find a better deal by buying an individual health plan. You might also be eligible for a subsidy based on your income.
Your employer offers coverage, but you think it’s a lousy plan
Under the Affordable Care Act, there are four categories of plans, platinum, gold, silver, and bronze. Some employer-sponsored plans are of the bronze category. This category of plans often has high deductibles and out-of-pocket costs. They may not work for everyone and often times individuals with moderate healthcare needs end-up paying a significant amount of money out of pocket.