Agent Owner, Gilmore Insurance Services, Marysville, Washington State
Yes, it is possible, but you should really work the math out on the situation first. A person has the right to waive coverage from an employer if they wish and seek other coverage on their own. But you should also be aware that you may be giving up advantages that belonging to your employer's group will bring. First, they may be paying all or some of costs for you. If you were to waive coverage, you may very well be leaving that money behind. Even if you employer gave you the money, you would pay income taxes on it, when currently you don't.
You may also have your contributions for health insurance at work be taken before income taxes are applied, which also saves you money and isn't available for the individual buying their own plan.
In most states right now plan designs for individual coverage offer much less in the way of plan benefits. Group plans usually offer a good blend of benefits compared to individual plans. It will come down to what you want for benefits. It can be cheaper to buy your own coverage, but usually not apple to apple when you pencil it out. .
Yes, it CAN be less expensive for you to seek your own health insurance plan rather than accept the plan through your job. But often it's just the opposite.
You should always check both ways. Having an individual plan is much more portable in case you leave your job.
Once you are on Medicare it is very common to have better options on the individual market than through your group offerings.
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You may also have your contributions for health insurance at work be taken before income taxes are applied, which also saves you money and isn't available for the individual buying their own plan.
In most states right now plan designs for individual coverage offer much less in the way of plan benefits. Group plans usually offer a good blend of benefits compared to individual plans. It will come down to what you want for benefits. It can be cheaper to buy your own coverage, but usually not apple to apple when you pencil it out. .
You should always check both ways. Having an individual plan is much more portable in case you leave your job.
Once you are on Medicare it is very common to have better options on the individual market than through your group offerings.