Additionally, if both spouses are eligible for health insurance through their employer, consider both plans. First, it is probably not cost effective to buy duplicate coverage through both employers. Consider which plan gives you the best “bang for the buck,” the best coverage for the dollars that you spend. You may also want to look at having each spouse get an individual plan through their own employer. Take all the possibilities into account and find what works best for you.
In this economic climate, you should also consider which spouse’s job is most stable. If you choose to purchase health insurance through only one employer and that spouse loses their job, you would have to rely on COBRA until the end of the year. You can only make changes to a group health plan during open enrollment unless certain events, such as having a child or getting married, occur. COBRA is currently subsidized by the government but is still more expensive than most health plans.
One additional consideration is that you might want to forgo your employer’s group health plan altogether. For many employees, the employer pays a percentage of their premiums and this makes the group plan much cheaper than an individual plan. To find out if an individual plan is most cost effective for you, contact an insurance agent and submit an application. Remember to apply for the individual plan well before you need to make a decision on your group health plan. This way you can determine the actual premium based on your medical history and make an informed decision. Make sure to let the agent know that you do not want the insurance effective until your group plan lapses. If the individual health plan turns out to be more expensive, you can cancel this coverage before it takes effect and elect for the group plan as long as you don’t miss the open enrollment deadline.
Finally, if you are unhappy with the changes that Obamacare has brought to your health insurance, remember to vote on November 2. The upcoming election will determine the future of health care in the United States. Find out how your representatives voted on Obamacare and find out which candidates will vote to repeal the current law and replace it with a free market solution. In Georgia, Johnny Isakson and Nathan Deal both voted against Obamacare. You can see the vote of your House Representative here.
Read Part 1 here:
Note: I am no longer an insurance agent. Please consult a licensed professional or your company benefits specialist before making changes to your insurance.