Best Answer

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

User Avatar

Wiki User

โˆ™ 2015-07-15 19:33:14
This answer is:
User Avatar

Add your answer:

Earn +5 pts
Q: 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?
Write your answer...

Related Questions

What is the term for the amount you or your employer pay in exchange for insurance coverage?

It is called a premium.

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.

What is workers compensation insurance?

In Workers' compensation insurance, the employer pays premium for workers employed in his factory. In case of any fatal injury or in the event of death of any worker, the Insurance Company compensate the loss on the basis of proof of eventuality produced by the employer. Especially workmen employed in hazardous job like mining, this insurance is very much beneficial.

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.

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+

What is workers compentation?

Worker's compensation is insurance coverage for employees to compensate them in case they are injured while performing their job. The employer pays a premium that covers medical expenses and lost wages in case their employees are injured. If these benefits are excepted the hurt employee must release the employer of further liability. The insurance company pays the claim and the employee can no longer sue the employer for the injury.

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.

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.

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.

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.

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.

Can you purchase life insurance in a lump sum single payment?

Yes, you can. It's called Single Premium Life Insurance. With single premium life insurance coverage one premium payment is made and the life insurance policy is fully paid up with no further premiums required.

Do employers have to pay for disability insurance?

In the US, California, Hawaii, New Jersey, New York, and Rhode Island impose mandatory state disability insurance programs for employees. The purpose of the programs is to provide some protection against wage loss caused by short-term non-work-related disabilities. The insurance premium is submitted to the insurer by the employer but paid either jointly by the employer and the employee, or entirely by the employer, depending on the employer's good will. There are some limits to what the employee may be required to contribute by the employer. This insurance is in addition to two well-known government disability programs: Worker's Compensation and Social Security. Employees' contributions are federal tax-deductible. Simple answer: No. Group Disability Insurance is not like Group Health Insurance -- and all the ERISA regulations that control how this employee benefit works. With Group Disability Insurance, an employer can "carve out" a select group of employees -- meaning the employer can create a "plan for just one employee (himself!)". An employer can also offer a contributory insurance plan, in which case the employee will contribute a certain percentage of premium. Or the employer can choose to offer a voluntary plan, where the employees enroll on their own accord and pay full 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.

What does insurance premium mean?

The premium is the cost that you must pay to have the insurance.

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.

Acquisition costs for a life insurance policy?

There are no acquisition or application fees to apply for life insurance. The only payment required is for the policy premium.

Can a noncustodial parent in NY obtain outside cheaper health insurance rather than employer provider insurance?

Are you required by te court to provide insurance to your kids? If you are then it doesnt matter where the insurance comes from. If you can find a cheaper premium/better benefits from another carrier.. power to you! As long as the kids are covered and your not paying out a 5000.00 deductible then I would say go for it! Hope this helps:)

What is paid up contract in Insurance?

A paid-up policy is a whole life insurance policy for which no additional premium / payments are required to keep it in force.