Is It Ever a Good Idea to Decline Employer Insurance Coverage?

by L.A.S.

Much to my surprise, a recent article on Wise Bread dot com suggested there might be three occasions when you might reasonably consider declining your employer's health plan.

DECLINE your employer's health plan? The very thought at one time would certainly have made one's blood run cold, especially for those who have families on such a plan.

First, to clarify. They are NOT suggesting that you simply go without insurance. They are simply saying that you may have other viable options.

You may be one of the lucky few who can find a better deal by yourself, whether online or just because you have few medical needs; perhaps you wish to go with a medical savings account or one of those self-directed programs. You may be offered a plan for a supplemental type of insurance such as vision or dental that is more than just a few bucks per month -- and has so little benefit that it defies the purpose of insurance. Or you may be able to obtain a fine plan through another group or through your spouse's employment.

I have probably been in any of those situations myself. For a time, I had a high-deductible health plan with my (former) employer that was a free option. Yes, it was free coverage from the very nice employer, as an alternative to the sticker shock from a huge premium increase.

My vision and dental coverage WAS only a couple bucks a month, so I kept it as long as the premiums were so low. But eventually those premiums rose even faster than the medical plan premiums. And when I went in for a service at a local dentist, I was always forced to sign a paper saying that I would pay the balance that the insurance did not cover. Whoa, that defeated the whole purpose of insurance, to my mind. So eventually, when the premiums reached a break-even point, I just dropped it.

And thankfully, I have found some insurances through other groups that I belong to. I have mentioned some of these strategies in my articles here at Blogspot. People over 50 may find coverage through a membership in AARP, if nothing else is available. Perhaps you belong to a fraternal organization or a club, or a professional group, or even AAA. Even your membership in a buying club like Sam's Club may bring you special prices, not on insurance, but on vision and prescription services. Any or all of them may have an insurance plan or plans for their membership, with no medical exam or other pre-qualification required.

You can read the whole article and decide for yourself at -- www.wisebread.com/3-times-to-consider-declining-your-employers-health-coverage