Employer Group Health Extinction When The Family Subsidy Is Unlocked

young family on vacation

Will there eventually be an employer group health plan extinction when the family subsidy is unlocked? Possibly! Group health insurance plans are not always the best option for employers or employees for several reasons. One reason being that it is becoming more common for companies to only pay for their employees coverage, making it expensive to get the whole family covered. Another reason is that group health insurance plans can take a lot of time and money for employers to set up and manage for their employees. The employee also has less control over selecting, customizing, and managing their plans since they are group plans. Employees can also miss out on receiving subsidies (financial assistance) that is offered through health marketplace plans (if they qualify) because they are not offered through private group plans.

If your household income is below a certain amount, it might be considerably cheaper to purchase an individual plan through the health marketplace rather than a group plan through your employer because of subsidies. Sometimes companies might even give an allowance to their employees to help them purchase their own plans giving them the ability to afford high quality insurance that they select and manage themselves. Open Enrollment begins in November for a Health Marketplace plan, but you can start shopping now to  learn what your best options will be and start deciding what type of plan you would like to eventually have. If you have a qualifying life event such as losing your job, a change of marital status, having a baby or child age off of a plan or are moving to a new town you may enroll for insurance through the health marketplace right now! You have 60 days from the time of the life event to enroll and our agents can help you determine if you qualify for subsidies.

Whether you buy a platinum, gold, silver or bronze plan, a health marketplace plan or a private plan there are always insurance options for every situation. All plans have certain basic services and options available so that quality healthcare can be affordable to all. Many insurance options are available and oftentimes with subsidies/discounts! If you would like to learn about more affordable alternatives to group health insurance our certified agents can help you shop and compare your best plan options.

Call 1-844-366-5126


AUTHOR - Ali Nagy