Anyone have suggestions on dropping out of employer health plan and getting your own insurance?
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I would never suggest to not elect group coverage. Group coverage is cheaper because you are paying the group rate. An individual policy is usually a lot more expensive and your rates can increase every year.
You can not afford to not have insurance. What would happen if you had a major medical claim. You can not work your way out of a claim for hundreds of thousands of dollars to some claims that are one million dollars.
I decided to quit my "big boy" job 3 years a go. I did purchase a individual policy and my premiums have increased every year by at least 15%. I am now paying $174 a month for health and rx coverage (no dental and vision).
If you are still thinking about making such a bold move, speak to an insurance advisor.
Don'[t drop out of it. Individual insurance is much more expensive than any group plan.
I have thought about doing the same thing but just haven't done it but my understanding is that you can get it cheap through the same insurance company that your company is dealing with but they have rules with this you can not be with them for a year before they can sign you up but one of the guys I work with said he got it through them but I would call arond what deos that cost?
People here at work have done that and in the long run have wished they remained in the company's policy. Talk to your HR person first before making a decision.
I hate betting against my health too, but I doubt dropping your company's insurance will be better for you. For one thing, when catastrophe occurs, in addition to deductibles there are tons of copays to pay (you aren't just getting that surgery on a broken leg, you will have follow-ups, rehab appointments, etc.). Those $10 copays add up--a policy that changes them to $20 or $50 would cause you to lay a lot of money down out-of-pocket.
Weigh the options carefully before acting.
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