Can I Downgrade Insurance At Any Time

[mysto]

Let's say I sign up for the gold health insurance plan, and let's say 6 months down the line I can't afford it. Can I downgrade to the bronze plan even outside of open enrollment? I would be staying with the same health insurance company just changing to a more affordable plan. Thank You!

 

[LGilmore]

Short answer no.. but check with the carriers and you might find one that does.

 

[mysto]

Short answer no.. but check with the carriers and you might find one that does.

Thanks! That's what I thought. Another question, what if after a few months my company cuts back my hours to only part time (under 30 hours a week)? Can I still keep the same exact health insurance plan? I understand it will be more expensive since the company will no longer help pay it. I just want to know if I can keep the same plan if I pay for it on my own? Also is there a time limit on how long I can keep it for? Thanks in advance!

 

[toddoxley]

Most likely you will not be eligible for the group health plan if your hours are reduced to under 30. You will have a SEP to buy a individual plan.

 

[LilT]

Exactly. For a employee plan with a company that is partially employer these plans typically have an hourly requirement. This is something only your company or the companies healthcare representative can truly answer. All else is speculation. If yo have a decrease in hours and are not covered under another plan through your company you would qualify for an SEP under the ACA plans. Many companies however offer a lower cost plan that is a SEP for their employees in this situation. Again the only way to truly know is to talk to your employer's benefit counselor.

 

[Tkruger]

Many companies however offer a lower cost plan that is a SEP for their employees in this situation.

Not following.......

 

[leevena]

Need to be careful about this subject. In the past this was an easy answer, as has been posted. But if the employer is using a lookback period, the answer is not so simple due to the stability period implications

 

[kgmom219]

Need to be careful about this subject. In the past this was an easy answer, as has been posted. But if the employer is using a lookback period, the answer is not so simple due to the stability period implications

There are way too many "ifs, ands or buts" on this. Find your employee handbook and see what it says.

The quick answer (as Lee already pointed out) is "no". You may or may not find a loophole (which is obviously what you are looking for). Find a handbook or email HR.

 

[leevena]

I am not saying no, I am saying that in certain situations a person who drops under 30 hours of work may still be eligible to be covered under the healthplan.

 

[Ann H]

Thanks! That's what I thought. Another question, what if after a few months my company cuts back my hours to only part time (under 30 hours a week)? Can I still keep the same exact health insurance plan? I understand it will be more expensive since the company will no longer help pay it. I just want to know if I can keep the same plan if I pay for it on my own? Also is there a time limit on how long I can keep it for? Thanks in advance!

If your employer employs more than 20 full-time equivalents, then COBRA laws will most likely be applicable once you lose your insurance due to a reduction in hours. COBRA laws allow you to do precisely what you asked for in your post, which is to keep the exact same health insurance plan by paying the full premium. Normally you can keep it 18 months, but there are other provisions that allow you to keep it longer.