Should I take my wife and children for of my employers group health insurance, and put them on their own individual health insurance plan, if it will save a lot of money?
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When you are obtaining medical insurance from your employer they may actually offer to allow you to add your family members to your coverage. Some larger companies may elect to help you pay for the additions, but they are not required to by law and many smaller companies will not offer to pay any of the added cost which will mean you will incur the added premium. They are however required to pay for part of your coverage and this is known as the employer contribution. The amount that is left over after your employer has paid the employer contribution is known as the employee contribution and is the amount that you will be responsible to pay to ensure coverage.
Determining whether or not to add your family members to your work policy starts with some comparisons. If your employer will actually pay part of your family member’s premium, such as 50 percent, then it is more than likely in your best interest to go ahead and add your family members to your work policy. However, you should always compare the rates that you will pay by adding your family members to that of insuring your family members on a separate insurance policy. While this rate may not be less than what you will pay through your job should your employer elect to pay part of the added premium, if your employer is not paying any part of your family’s premium then many times it will in fact be cheaper to insure your family members on a separate policy. The reason is that group rates tend to be higher than many individual rates in the same market place. This is due to the fact that group rates are determined using such factors as overall group health, overall average group age, and geographical location of the group.
I would recommend more research into your options, begin with the source I have provided below.
It’s highly unlikely that it will save ANY money at all. But sure, if you can lock the coverage in first, feel free to drop them from the group plan. Don’t drop them from the group plan, though, until you’ve got the new policy in place already.
health-quotes.talk4fun.net – here is my health insurance plan. As I remember they can provide such a service.