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Single Person Finance: Cancel Medical Insurance to repay Student Loans?

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Re: Single Person Finance: Cancel Medical Insurance to repay Student Loans?

I do not know. However, it could be viewed as theft and cause for termination. So, I should not risk it.

Message 11 of 13
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Frequent Contributor

Re: Single Person Finance: Cancel Medical Insurance to repay Student Loans?

So many, many reason to just keep the insurance.

 

So.....keep the insurance.    

 

You may never need it and look back and think - wow, I could have paid this or that and none of it is worth the risk of financial and health related disaster.    Look at the stats on the amount of people that have had their lives and credit so terribly impacted by health issues with or without insurance


@privatedomainowner wrote:

I do not know. However, it could be viewed as theft and cause for termination. So, I should not risk it.



@privatedomainowner wrote:

I do not know. However, it could be viewed as theft and cause for termination. So, I should not risk it.




.    

 

Keep the insurance.    

 

 

Stay Liquid My Friends...


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Message 12 of 13
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Senior Contributor

Re: Single Person Finance: Cancel Medical Insurance to repay Student Loans?


@privatedomainowner wrote:
  • Does your company policy require the money to be used for health insurance? YES
  • Is the benefit taxed or non-taxed? If it is non-taxed because it is meant to be used for insurance, using it for other purposes could turn it into taxable income. TAXED

There is your answer right there.  If the company requires you to use it for medical insurance then you are not allowed to use it for anything else. 


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Message 13 of 13
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