I currently have group health insurance through my employment, I pay a very high monthly payment. My husband recently had his salary cut and we no longer can afford this high premium. I have researched and can get the same individual coverage with a higher deductable from the same company. Can I drop my group coverage before my company’s open enrollment period?
Answer by Moderator - Friday, October 16, 2009 @ 12:08pm No CommentsNo comments yet. Leave a comment |
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Most certainly. You can cancel your group coverage at anytime through your employer. You want to first make sure that you will qualify for individual health insurance by submitting an application and receiving approval. If you cancel your group coverage, and for some reason get denied individual health insurance, you will need to wait until open enrollment to get back on the policy. You may need to provide your employer proof of new coverage, as this may affect their minimum participation requirements imposed by the insurance company. If it is a small company, and you are one of only a couple on the group plan, your withdrawal from the coverage could affect the entire group’s eligibility. So, it is best to discuss this with your employer in advance. Since they are paying a portion of your premium, they should not object to your getting your own health insurance, as long as it does not have a negative impact on the entire group.
