Can You Decline Employer-Sponsored Insurance and Keep Marketplace Insurance?

If you are considering a part-time job that offers health insurance, you may wonder if you can decline the employer-sponsored insurance and keep your Marketplace insurance. The answer to this question depends on several factors, which we will explore in this blog post.

Employer-sponsored health insurance is health insurance that is offered by your employer as part of your compensation package. If you are eligible for employer-sponsored insurance, you may have to pay a portion of the premium, but your employer will pay the rest. Employer-sponsored insurance typically offers a range of benefits, including coverage for medical care, hospitalization, and prescription drugs.

Marketplace insurance is health insurance that is purchased through the Health Insurance Marketplace. The Marketplace is a government-run website that allows individuals and families to compare and purchase health insurance plans from private insurers. Marketplace plans are available to individuals and families who do not have access to employer-sponsored insurance or who cannot afford employer-sponsored insurance.

In general, you can decline employer-sponsored insurance and keep Marketplace insurance. However, there are some exceptions to this rule. For example, you cannot decline employer-sponsored insurance if you are enrolled in Medicare or Medicaid. Additionally, some employers may require you to have employer-sponsored insurance if you work a certain number of hours per week.

If you are considering declining employer-sponsored insurance and keeping Marketplace insurance, there are several factors you should consider, including:

Cost: Marketplace plans can be more expensive than employer-sponsored plans, especially if you are not eligible for a premium subsidy.
Coverage: Employer-sponsored plans typically offer a wider range of coverage options than Marketplace plans.
Convenience: Employer-sponsored insurance is often more convenient than Marketplace insurance because you do not have to shop for a plan or pay your premiums yourself.

If you are considering declining employer-sponsored insurance and keeping Marketplace insurance, it is important to talk to a licensed agent to discuss your options. An agent can help you compare plans, understand the costs, and make the best decision for your needs.