Here is our 4th Question in our Top 100 Questions about Health Insurance.
“What if I’m Offered a Group Plan? Do I Have to Cancel My Coverage?”
The simple answer: No. If you are offered a group plan you have the choice on whether to go with the group plan or keep your individual plan. If you choose to keep your individual plan you are not eligible to get a tax credit so you will have to pay the full amount for your insurance. So you will have to evaluate your situation to see if you would like to pay the difference between your group plan and an unsubsidized individual plan.
Some reasons you may want to choose an individual plan:
1-If you are paying a portion of your group plan cost anyway and you would like to pick your own plan.
2-If you aren’t offered the coverage you need through your group plan.
3-If you would prefer a specific carrier or plan that isn’t an option through the group.
The biggest downside to choosing an individual plan over a group plan is probably that it may cost you more money. So if you would like to explore your options, that can help you to make an informed decision. Which is honestly the best way to go.
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