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Traditionally, medical benefits are offered on a "take it or leave it" basis, meaning that you have the option to waive the insurance - but will not receive increased pay because of it.
Increasing your salary because you waived benefits is a newer, more progressive concept that some businesses (typically, smaller businesses) are leaning toward.
Ask your employer about their policy on this. ?
No. For a detailed explanation on an ATtorney's site visit sgilaw.com
for more information visit www.steveshorr.com
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โˆ™ 2015-07-15 21:38:04
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Q: Can you waive the group health insurance offered by your employer and receive more pay because they do not have to pay a premium for you?
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What is the term for the amount you or your employer pay in exchange for insurance coverage?

It is called a premium.


Why is a portion of my life insurance premium declared as taxable income?

This is normally because your employer is paying for a part of the premium, meaning you don't have to, which means that it is income.


What term is the amount you and your employer pays in exchange for insurance coverage?

The "Premium" is the amounts paid for an insurance policy.


If my employer pays the premium for an insurance policy for me is it taxable?

Yes, the benefits are taxable.


What is the amount you or your employer pays in exchange for insurance coverage called?

The term is "premium".


Which term refers to the amount you or your employer pays in exchange for insurance coverage?

Premium a+


Can Michigan employer drop your medical insurance while on short term disability?

Yes, unless you pay/reimburse the employer for the insurance premium out of your own pocket.


Terminated health coverage because employer did not pay the bill. Is his legal?

Insurance companies have the legal right to terminate insurance coverage when the monthly premium is not paid as agreed.


Which company offers the cheapest life cover?

Life insurance costs vary based on the age, general health, and location of the insured. In general, life insurance premiums are cheaper when purchased as a young adult and maintained throughout your life than purchasing a new policy later in life. One of the most economical types of policies is term insurance. Taking advantage of an employer-offered life insurance plan, even if you pay a monthly premium, is also an inexpensive choice because the employer often absorbs a portion of the premium.


If your employer offers health insurance and you opt not to have it are they required to compensate you for the cost of a premium?

No. Keep in mind that insurance coverage is very expensive and the employer, as a rule bears the largest amount.


What is the meaning of keymaninsurance?

Keyman insurance can be defined as an insurance policy where the proposer as well as the premium payer is the employer, the life to be insured is that of the employee and the benefit, in case of a claim, goes to the employer.


What term refers to the amount you or your employer pays in exchange for insurance coverage?

The premium is the dollar amount paid in exchange for insurance coverage.


How does universal life insurance differ from other forms of life insurance?

Universal life insurance means you will pay the same premium until death, where as with term life insurance you will pay a certain premium for a period of time and then may or not be offered the same premium again for another term.


Does a insurance disability issue a w2?

The insurance carrier will issue a 1099 with your disability income if it is subject to taxation. The benefit is taxed if you paid the premium pre-tax, or if your employer funded a portion of the premium.


How long does employer keep you on life insurance after retirement?

It is upto the discretion of your employer how long to pay life insurance premium on your behalf. Even sharing the same in equal proportion can also be mutually arranged.


In Massachusetts how to get disability when not offered in workplace?

Short term disability insurance is often marketed as a voluntary employee benefit. You pay the premium via payroll deduction, so there is no direct cost to your employer, and no reasonable objection to providing you this option.


Are you required to pay for health insurance while on short term disability?

That depends upon whether you are covered under FMLA, and the percentage of premium paid by your employer. If you are covered under FMLA, then your employer is required to continue coverage on the same basis as before your leave. For example if your employer was paying half the premium and you were paying half the premium, this arrangement would continue while you are on leave. You would be responsible for continuing these payments. If your employer pays 100% of the premium you would have no payments to make. If you are not covered under FMLA your employer is free to ask you to pay 100% of the premium.


Can your employer pay for my medicare premium?

can my employer pay my medicare premium instead of taking it out of social security


What is the difference between life insurance premium and non life insurance premium?

An insurance premium is the amount of money paid on a periodic basis for insurance of a given kind. The kind of insurance involved does not alter the definition of the term "premium". Therefore, a life insurance premium is an incremental amount paid for life insurance, and a non-life insurance premium is an incremental amount paid for another kind of insurance.


What was the monthly premium for a family of four in 1993 with cigna insurance?

That would depend on the employer. You'd have to go to them to ask, the insurance company doesn't receive the premium and doesn't know how much the employer charges in premiums. Usually, the premium money doesn't even end up with the insurance company at all. Most employers actually pay all the claims out of their own funds. The insurance company does the work of this and does get paid an adminstration fee, but the money that goes to the dr's and hospitals is coming out the employer's bank account.


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What is a single premium life insurance?

Single premium life insurance is life insurance coverage in which one premium payment is made and the life insurance policy is fully paid up with no additional life insurance premium payments required.


How does it work to choose between insurance offered at new job and your spouses employment?

You would have to sign a waiver on your insurance stating that you have prior coverage. Your application that your employer gives you should have that on it. The above answer assumes that you have the right to opt out. Here in CA if your employer pays 100% of the premium you can not opt out even if you are eligible for other group coverage. Often the employer will tell you that they pay 100% (and they actually do) but the plan documents will say that they only pay 99%. This would then allow you to decline coverage.


Do employers have to pay for disability insurance?

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Is there a law that an employer must pay for health insurance for a lay-ed off employee for 9 months?

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