Can I drop my indiana employer's strength insurance coverage?
My company which is based surrounded by Indianapolis just only just changed our health coverage to a topical plan. What was really outrageous was that I merely had 7hrs that light of day to either sign for their strange insurance or not have coverage at adjectives. This was really excessive and did not give me a unsystematic to research my options. I go ahead and signed for their insurance so I wouldn't have a time, but now I own found a much nicer private plan I want to go near. When I asked our HR office going on for dropping my insurance they said I was stuck next to it until next year. To me this doesn't give the impression of being right. I was underneath the impression that you could legaly drop insurance from an employer any time, of late not re enroll/add. Please help me I'm between a authentic rock and a hard place on this and I don't want to enjoy to quit my job over this. Thanks.
Answers:
I am surrounded by the insurance industry in Indianapolis, so I answer this press with complete confidence and exactitude.
You cannot drop your coverage mid-year, unless you have what's call a qualifying event. That could be a sign of you get married or divorced, own a baby or adopt a child, your spouse change jobs, or your spouse dies. When ANY of those things crop up, you can make change to your insurance mid- year.
But without a qualify event, it is true that you cannot leave the medical plan until the subsequent open enrollment.
The short answer to your interview is: No, you can't drop your coverage mid-term.
The way the contract between the insurance company and your employer read is the employer would still be liable to the company for full payment for your policy, which is faultlessly legal. The reason are to long to go into here.