SunGate Insurance Agency Blog
A job offer is always a good thing but when it comes to the company’s health insurance plan, you have to think twice. Take your time to understand the coverage and the deductibles in their health insurance plan before making a decision. Is it worth the cost? What type of health plan should you choose? These are just a few questions that you have to ask yourself before signing that contract.
Although you may want the job, you don’t always have to buy into the company’s health insurance. Here are some tips on determining if the company’s health plan works for you.
Compare Health Plans
If you are opting for a different health insurance plan than what your company is offering, you have to do your research and look for the best offer out there. However, choosing an individual health insurance plan doesn’t necessarily mean that it is cheaper. Remember, your company is qualified for tax credits and other types of corporate discounts.
If you don’t have enough knowledge about health plans, you need to schedule a meeting with an insurance agent that can walk you through the process. Once you get your facts straight, decide if an individual plan is what you need.
Choose the Best Option
Most companies give you different health coverage options for new employees to choose from. Basically, if you know that you are healthy and you want to save money, choose a policy that has a high deductible and low premium rates. On the other hand, if you think you need coverage for health services and medical expenses, a lower deductible or a coinsurance is good for you.
It also helps to ask your company if they offer health savings accounts to their employees. This lets you save pre-tax money to cover for medical costs.
Know more About Special Enrollment Periods
The enrollment period for health insurance plans typically runs through November to January of the following year. If you do not make it to the enrollment period but you are in need of a health insurance, you may be eligible for the special enrollment period (SEP). The SEP lets you avail of health insurance at any time of the year, however, you are only given 60 days for the event. Delaying your application would mean facing tax penalties.
Understanding the Alternatives
Opting out of your company’s qualified health insurance does not always mean that you’re going to save money. There are times when an individual health insurance plan is more expensive than that being offered by the company. However, if you’re keen about saving money and are still under 26 years old, you may choose a parent’s policy that is a lost cheaper than individual plans.
It’s important to choose the best health insurance plan especially if you just got out of college. Remember, if you are found to be without insurance, you may face a tax penalty that is deducted from your yearly income. At Sungate Insurance, we aim to make our client's life easier with policies that are tailored to their needs. You can get more information about our products and services by calling our agency at (407) 878-7979. Get your free quote today by CLICKING HERE.