Author Topic: I think I made an mistake with my healthcare?  (Read 1626 times)

Gilead1986

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I think I made an mistake with my healthcare?
« on: March 06, 2015, 11:28:25 AM »
Currently I have employee-sponsored health insurance, but my hours have been significantly cut in the past few months since re-enrolling in November; so I decided to enroll in public health insurance before the deadline.  I signed up for a reasonable plan (I rarely go to the doctor, it's a little better than catastrophic).  They gladly took my money, but when I went to cancel my employer health insurance they informed me that I cannot, until the balance on the arrears is negative, so I suppose this happens when I quit?  The extra costs incurred in enrolling in public healthcare ($150/month) negate most of the savings I have implemented in my MMM journey.  I thought this would be a good move financially and would make me a little more resilient when it came to finding a new job, but now I'm afraid that I was ignorant on a lot of health care policy. 

BWholehearted

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Re: I think I made an mistake with my healthcare?
« Reply #1 on: March 11, 2015, 12:39:04 AM »
Until the balance is what?

"cannot, until the balance on the arrears is negative, so I suppose this happens when I quit?"

 

lakemom

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Re: I think I made an mistake with my healthcare?
« Reply #2 on: March 11, 2015, 05:05:31 AM »
Do you have a HR department you can ask?  Insurance is paid either in 'arrears'  meaning the money taken out of your check pays for the previous week(s) insurance or 'advance' meaning the money taken out pays for the upcoming week(s).  To pay off arrears, have a double deduction taken out OR unenroll through the employer (not insurance co) who will then take out one more payment (bringing you up to date).  But really the HR department (or representative) is the place to start.

SailorGirl

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Re: I think I made an mistake with my healthcare?
« Reply #3 on: March 11, 2015, 05:54:21 AM »
If you lose your employer-sponsored health care you can enroll any time (assuming you're in the US).  Cancel your external policy and just use the employer-sponsored plan