Employer pays 80% of my premium - If I opt out of coverage, do I completly lose the benefit?

Question

For example: lets say my company pays $800/mo towards my health insurance. If I cancel my coverage with them and switch under my Husband's instead, my company will be saving that $800/mo. So do I recieve that benefit another way or its forfeited by not using their plan?

Answer 1

nope you forfeit it. if you think about it, they don't owe you anything. they were just being nice by paying most of it. best wishes

Answer 2

Yes, you lose the benefits.

Answer 3

It's forfeited.

But you can't make any changes until Open Enrollment, anyway.

Answer 4

no lose the benefit - some companies like mine pay employees $100/mo if they opt out of the health plan, but they are required to prove they are being carried on a spouses health plan, and for single coverage , my company pays about $250 /mo for one employee for med & dental - no where near $800 - for a married couple yeah

Answer 5

Well it really depends.

I was able to turn that into cash. i fugured the 300$ a months they were spending on my healthcare x 12 was 3600 a year.

I told them i wouldnt opt out unless they gave me an xtra 1500$ a year, i got the raise, saved them money,

Answer 6

You forfeit it.  It is a benefit that they contribute to, ifyou don't want the benefit - they do not owe you the money in salary.