You are always free to decline your employer's health plan and purchase an individual policy through the Health Insurance Marketplace or directly from an insurer. However, if your employer's offered coverage meets the government's standards for affordability and coverage, on the Marketplace. This usually makes private plans much more expensive. 🔍 Key Factors to Consider 1. The Affordability Test
If it fails this test, you unlock access to Marketplace subsidies. 3. The Tax Penalty can i buy health insurance if my employer offers it
If the lowest-cost self-only plan costs more than a specific percentage of your household income, it is deemed unaffordable. You are always free to decline your employer's
If it is deemed unaffordable, you can qualify for Marketplace subsidies. 2. The Minimum Value Standard The plan must provide a basic level of coverage. 🔍 Key Factors to Consider 1
Ask HR for a "Summary of Benefits and Coverage" and a "Employer Coverage Tool" form.
Are you looking at plans or private off-exchange plans?
Visit Healthcare.gov to see what full-price plans cost in your area.
