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Got a work question

Ive never had this situation come up. I work for the family business for 10 yrs More but we will start there. I get my Health insurance paid threw the company It does not cost me a dime. Now due to the economy and the fact I have other talents Ive pull in a full time job at another company and work part time at my family business. for now. They want me to sign that I don't want health insurance. Here is my question. Should I be compensated for not taking it I.E. cost to the company More in my check or is it my loss. My company still pays for my insurance. Or am I being a jerk. Bobb
 

Phyl

Officer Emeritus
Officer Emeritus
If you decline the insurance the insurance company requires it to be in writing (the Ins co is actually protecting themselves here). You then have until the next open enrollment before you can change your mind and accept insurance.

Some companies will give you a bit of compensation. For a single individual it runs about 300$ a month (but I'm sure you already know that). Some companies will agree to give you a share of that (1/2? but what happens if you change your mind again later?!). You can try that and if they decline accept the insurance. It will cost them more that way. Then again... in this economy we should all work together to keep costs down. I'm sure they could use the break.

Are you still eligible, based on the rules that your family business extends to other employees for the insurance at your family co with the reduced hours? Or are you still being compensated full time wage?
 
I was thinking in the range of 1/2 sounds fair plus Im managing the company also. There business is doing great. and Im taking the place of someone else who has the insurance. so they will benefit two fold in a way. I have some family with pre assiting condition so Im scared to change. and dont need more taking out of my check need more in. ;D
 

Phyl

Officer Emeritus
Officer Emeritus
Depending on the Pre-e, you may be better off taking the Ins and reducing your OOP expenses. Good luck with your decision!
 
We've been through this because I have very good benefits and my wife works elsewhere. Some companies will give you something for optong out and some won't. There's no advantage in being double-insured in NJ (except in dental plans, where it raises your limits). You literally don't save a nickel, I've checked.
 
Sorry I didn't see this before. Actually being double insured(except in case of dental as mentioned before) can actually be somewhat dangerous. I have read on line of someone going in for a procedure and they accepted the wrong insurance, the one that should have been used(based on birthdays of all things) declined the procedure and the one that was initially used said no they wouldn't accept it since it should have been the other company.
Real catch22 sort of pain. This applied to a case with two insurances from husband and wife. In the case of a divorce and a dependant it can be really messy.
 
Not worried about double but if I dont take it from one should there be compensation to my paycheck. is it depending on the company.
 
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