Ok, so I work for a good company, but I kind feel like im getting jipped here. I have been here for almost a year and a half. After about 6 months my boss told me I was eligible for medical insurance through the company. I was offered the choice of a pay raise or keeping the same rate per hour with the amount I would have received via raise to be used to pay my part of the insurance. So..the raise would have been $2 an hour. The extra entire $2 an hour is supposedly being used for my insurance ( I have since been told my total compensation package is "X" amount..which is my base pay plus 2). My question is; I work full time (40 hours a week) which means I am paying $320 for medical/dental insurance for myself. That seems very high. I checked BCBS website and the rate quote for individual with a $500 deductable is only $103 a month. So why am I paying $320? I understand that being part of an employee group affords me dental as well (wheras individuals do not qualify) but that much?
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Group policies are completely different from individual policies so the premium can't be compared. First off, they are usually more comprehensive so they give you coverage for more procedures, such as maternity which can easily add $200 to the monthly premium. Depending upon the size of the group and the amount the insurance company has paid out in the past also affect the premium. You are possibly subsidizing the premium for older people in the group or people with costly major medical problems such as diabetes or cancer.
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