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Human Resources

Does your company offer an insurance payout to employees who opt out of your insurance plan and if so how much? We do, however we think it’s too low of an offering and would like to increase it. We want it to be logical from a financial standpoint.

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We do. It is 700 annually. It was 1000 but we dropped the amount when the guidance around the ACA was not as clear about factoring it in to affordability calculations. We could probably increase it now provided we ensure it is an eligible opt out program meeting ACA guidelines. You do need to include it in your cafeteria plan offerings, if that is your intent. We require proof of other group coverage for the opt out in order to meet ACA guidelines. I hope this helps.

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As a follow up, if you have ERISA counsel that may be a good place to start. There is interplay between opt out benefits, cafeteria plans if you offer them and the ACA. I’m sure that your benefits consultant and ERISA counsel could assist.

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We received guidance from TriNet standard would be 50-100 per month

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And that’s for opting out of medical insurance

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We currently offer $400 for those who opt out of medical and dental and $320 if they opt out of medical only.

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$100 opt out monthly and proof of other insurance

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My previous company offered $100 a month payroll deposit if you did not enroll in benefits

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