Will I get a higher hourly wage if I don’t need my company’s health insurance?
UPDATED: Jan 2, 2014
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Asked January 2, 2014
Even though many employers offer health insurance packages as a benefit of employment, they do not usually offer trade options which allow an employee to trade in the health insurance option in favor of receiving higher pay. Instead, having health insurance is considered as a bonus incentive, much like the offer of paid sick leave would be, in addition to the agreed hourly wage or salary.
Even though making health insurance available may be mandatory in the near future, today it is still thought of as employment benefit. Benefits are intended to make employment appear more lucrative for potential employees, and include health insurance, life insurance, vacation and sick leave packages, and even such things as a company vehicle to drive home. It is true that your wages may be lower if the job includes a number of benefits, especially ones that contributed to by the employer, but this is usually because the employer finds it more affordable to offer a suite of benefits to many employees than to provide them with higher monetary compensation on a person by person basis.
Furthermore, even if an employer offers health insurance, they are not required to pay any portion of your policy. In this case, getting health insurance through an employer may not be appreciably lower than purchasing through any group health insurance plan. Before you accept an employer's health insurance package, get a free online health insurance quote from this website. Along with the quote, you'll see comparison quotes from multiple insurers, so you will have a better idea of whether the plan your employer offers is worth buying into.
To answer your question, you are welcome to bring your own health insurance to the workplace, but your employer will not offer higher wages if you do. For the employer who does not contribute to the plan, making it available is free, and for those who do contribute to the plan, not having to pay your portion of the benefits will save the company money. For you, the advantage would be if you can get health insurance elsewhere at a savings over buying through the workplace.
Answered January 2, 2014 by Anonymous