Employer-Sponsored Health Insurance vs. Marketplace Plan: Which is Right for You?

If you’re a part-time employee, you may be wondering if you’re eligible for employer-sponsored health insurance. And if you are, should you take it over your current marketplace insurance plan?

In this blog post, we’ll explore the pros and cons of each option so that you can make an informed decision.

Employer-Sponsored Health Insurance

Employer-sponsored health insurance is health insurance that is offered by your employer. It can be a great option if you’re looking for affordable health insurance, especially if your employer offers a subsidy.

Pros of Employer-Sponsored Health Insurance

It can be more affordable than marketplace insurance. Employers often negotiate lower rates with insurers, and they may also offer subsidies to help you pay for your premiums.
It’s more convenient than marketplace insurance. You don’t have to shop around for a plan or worry about enrolling during the open enrollment period. Your employer will take care of all of that for you.
It may offer better benefits than marketplace insurance. Employer-sponsored health insurance plans often offer more comprehensive coverage than marketplace plans. They may also include benefits like dental and vision coverage.

Cons of Employer-Sponsored Health Insurance

You may not be eligible for it. If you’re a part-time employee, you may not be eligible for employer-sponsored health insurance. Even if you are eligible, your employer may not offer a plan that meets your needs.
You may have to pay more for it. If your employer doesn’t offer a subsidy, you may have to pay more for employer-sponsored health insurance than you would for marketplace insurance.
You may have less choice. Employer-sponsored health insurance plans are typically limited to a few insurers. This means that you may not be able to find a plan that meets your specific needs.

Marketplace Insurance

Marketplace insurance is health insurance that you purchase through the Health Insurance Marketplace. It’s a good option if you’re not eligible for employer-sponsored health insurance or if you’re looking for a more affordable plan.

Pros of Marketplace Insurance

You’re more likely to be eligible for it. Marketplace insurance is available to everyone, regardless of their employment status.
It can be more affordable than employer-sponsored health insurance. If you qualify for a subsidy, you may only have to pay a small amount for your monthly premiums.
You have more choice. The Marketplace offers a variety of health insurance plans from different insurers. This means that you can find a plan that meets your specific needs and budget.

Cons of Marketplace Insurance

It can be more inconvenient than employer-sponsored health insurance. You have to shop around for a plan and enroll during the open enrollment period. You may also have to pay for your premiums each month.
It may offer less comprehensive coverage than employer-sponsored health insurance. Marketplace health insurance plans typically offer less comprehensive coverage than employer-sponsored plans. They may also not include benefits like dental and vision coverage.

Which Option Is Right for You?

The best way to decide which option is right for you is to do some research and compare your options. Consider your budget, your health needs, and your eligibility for subsidies.

If you’re not sure where to start, you can call our licensed agents for help. We can help you understand your options and find a plan that meets your needs.